New Auditor Reporting - AASB

Date recorded:

At its meeting on September 13-14, 2018, the AASB decided to amend CAS 700, Forming an Opinion and Reporting on Financial Statements. Auditors will be required to communicate key audit matters in the auditor’s report for audits of complete sets of general purpose financial statements of entities listed on the Toronto Stock Exchange (TSX), other than entities that are required to comply with National Instrument 81-106, Investment Fund Continuous Disclosure. Such requirements would be effective for periods ending on or after December 15, 2020. The Board will approve the amendments at its next meeting.

In addition, the AASB decided to develop an exposure draft to address the applicability of requirements to communicate key audit matters for investment funds and all other listed entities, including TSX-venture issuers. The Board expects to issue this exposure draft in early 2019.

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

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