At its meeting on December 2-3, 2019, the AASB provided input to the IAASB members from Canada on issues related to feedback on the IAASB’s Discussion Paper. This input included possible actions the IAASB may take and a draft feedback statement. The AASB will continue to discuss this project at future meetings.

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

At its meeting on December 2-3, 2019, the AASB provided input to the IAASB members from Canada on issues related to proposed revisions to International Standard on ISA 600. Issues discussed included: key terms defined in the standard; requirements and application material related to materiality; appropriate responses to assessed risks of material misstatement; evaluating the sufficiency and appropriateness of audit evidence obtained; and documentation requirements. The IAASB expects to approve an Exposure Draft in March 2020. The AASB will continue to discuss this project at future meetings.

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

At its meeting on December 2-3, 2019, the AASB approved the 2019 revisions to CAS 315, including the related conforming amendments to other standards. There were no changes made from a Canadian standpoint (i.e., there was no addition, modification, or deletion of a Canadian amendment) in finalizing the standard. Therefore, no re-exposure was necessary. The revised CAS 315 will be effective for audits of financial statements for periods beginning on or after December 15, 2021. Once the AASOC confirms that the AASB has followed due process with proper regard for the public interest, the AASB expects that the 2019 revisions to CAS 315 will be included in a CPA Canada Handbook – Assurance update in May 2020.

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

At its meeting on December 2-3, 2019, the AASB provided input to the IAASB members from Canada on issues related to the IAASB’s project to revise standards for quality management at the firm and engagement level, including engagement quality reviews.

Issues discussed related to ISQM 1 included: how the standard should address quality risk considerations; whether responses to quality risks should be included in one section versus within each component; and the factors to be considered in determining an appropriate cyclical basis for selecting completed engagements for inspection.

Issues discussed related to ISQM 2 included: whether the objective is sufficiently outcome based; how the firm should identify engagements that should be subject to an engagement quality review; and the cooling-off period of the engagement quality reviewer.

Issues discussed related to ISA 220 (Revised) included: whether the definition of engagement team should include component auditors; whether the proposed standard should include application material on evolving audit delivery models; and clarifying which requirements must be performed by the engagement partner and those where other members of the engagement team can assist the engagement partner.

The AASB will continue to discuss these and other issues at future meetings.

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

At its meeting on December 2-3, 2019, the AASB provided input to the IAASB members from Canada on issues related to proposed ISRS 4400 (Revised), including: the effective date; definitions; and engagement acceptance and continuance requirements. The IAASB expects to approve the final ISRS 4400 (Revised) at its December 2019 meeting. The AASB plans to approve the Canadian equivalent standard shortly thereafter.

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

At its meeting on December 2-3, 2019, the AASB discussed its approach for responding to the IAASB’s document for comment, “Special Considerations in Performing Assurance Engagements on Extended External Reporting.” The IAASB expects to approve this document at its December 2019 meeting.

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

At its meeting on December 2-3, 2019, the AASB discussed key issues raised by stakeholders on the Exposure Draft of proposed AuG-50, including: incorporating materials from extant standards into the proposed Guideline; clarifying the concept of an engagement partner in the public sector context; the definition of legislative auditor; presenting the assurance conclusions; and making recommendations in a performance audit report. The Board will continue to discuss these and other issues at future meetings.

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

At its meeting on December 2-3, 2019, the AASB received a presentation explaining the IAASB Exposure Draft, including the implications for Canadian standards. The Board expects to approve and issue an Exposure Draft of limited proposed revisions to Canadian standards related to this project by January 2020, with a response deadline of March 27, 2020.

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