At its meeting on March 4-5, 2019, the AASB provided input to the IAASB members from Canada on the IAASB’s project to revise International Standard on Auditing (ISA) 600, Special Considerations — Audits of Group Financial Statements (Including the Work of Component Auditors). The Board discussed: (i) the use of a top-down, risk-based approach to scoping group audits; (ii) definitions of component, significant component and group engagement team; and (iii) the need for further clarification of component materiality considerations. The Board will continue to discuss this project at future meetings.

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

At its meeting on March 4-5, 2019, the AASB provided input to the IAASB members from Canada on issues related to the responses received on the Exposure Draft of proposed ISA 315 (Revised). The Board discussed the IAASB’s proposed changes to: (i) understanding of the entity’s system of internal control; (ii) individual components of internal control; (iii) separate assessment of inherent and control risk; and (iv) concepts of relevant assertions and significant classes of transactions, account balances and disclosures. The Board will continue to discuss this project at future meetings.

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

At its meeting on March 4-5, 2019, the AASB considered Canadian stakeholders’ views on its Exposure Draft of proposed Canadian Standard on Related Services (CSRS) 4400, Agreed-Upon Procedures Engagements, and finalized its response letter to the IAASB Exposure Draft.

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At its meeting on March 4-5, 2019, the AASB supported CPA Canada’s development of non-authoritative guidance to clarify that the auditor’s consent is provided by the firm and not the engagement partner.

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At its meeting on March 4-5, 2019, the AASB discussed key issues stakeholders raised on the Exposure Draft, “Compilation Engagements,” including: (i) the scope of the standard; (ii) engagement acceptance and continuance; (iii) disclosure of the basis of accounting; and (iv) obtaining knowledge of the entity. The Board will continue to discuss these issues at future meetings.

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

At its meeting on March 4-5, 2019, the AASB reviewed the draft Assurance and Related Services Guideline (AuG) 50, Conducting a Performance Audit in the Public Sector in Accordance with Canadian Standard on Assurance Engagements (CSAE) 3001. The Board suggested several editorial changes to the draft Guideline. The Board is expected to approve an exposure draft of AuG-50 at its next meeting.

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