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New Auditor Reporting - AASB

Date recorded:

At its meeting on October 15-16, 2018, the AASB approved amendments to CAS 700, which require auditors to communicate key audit matters in the auditor’s report for audits of complete sets of general purpose financial statements of Toronto Stock Exchange (TSX)–listed entities, other than entities that are required to comply with National Instrument 81-106, Investment Fund Continuous Disclosure. The Board concluded that the amendments are significantly different from the current standard. However, the changes are consistent with proposals in the 2015 Invitation to Comment, “Implementation Considerations for New Auditor Reporting Standards.” Those proposals were broadly supported by stakeholders; therefore, no re-exposure was necessary. The amendments will be effective for audits of financial statements for periods ending on or after December 15, 2020 are included in the December 2018 Handbook update. The AASB also discussed the potential expansion of the communication of key audit matters for investment funds and other listed entities. The Board plans to discuss an exposure draft dealing with proposals for such communications at its December 2018 meeting.

Review the executive summary on the AASB's Web site.

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