At its meeting on March 8-9, 2021, the AASB provided input to the IAASB members from Canada on the IAASB’s project to revise ISA 500, Audit Evidence. Key issues discussed included:

1. revising definitions of “audit evidence”, “appropriateness”, and “sufficiency”;
2. sourcing information to be used as audit evidence;
3. modernizing and enhancing the descriptions of audit procedures; and
4. providing guidance that addresses whether an audit procedure can be used to address the objectives of both a risk assessment procedure and a substantive audit procedure.

Review the Executive Summary on the AASB's Web site.

At its meeting on March 8-9, 2021, the AASB provided input to the IAASB members from Canada on the IAASB’s project to develop a separate standard for audits of LCEs. Key issues discussed included:

1. the conventions used in drafting the separate standard;
2. the proposed description of the characteristics of an LCE to consider when deciding when to apply the separate standard;
3. the proposed approach to maintaining alignment of the separate standard with the ISAs; and
4. the additional matters that the project should explore, including how to transition from the separate standard to the ISAs when an entity no longer qualifies as an LCE.

The AASB also discussed how to proceed in Canada in relation to the IAASB’s issuance of an exposure draft of a separate standard for audits of LCEs. The AASB will continue its discussion on the way forward in Canada at its May meeting.

Review the Executive Summary on the AASB's Web site.

At its meeting on March 8-9, 2021, the AASB provided input to the IAASB members from Canada on issues related to the IAASB’s project to revise ISA 600 (Revised), Special Considerations – Audits of Group Financial Statements (Including the Work of Component Auditors). Key issues discussed included:

1. revising the definition for “group financial statements”;
2. developing an overall group audit strategy;
3. communicating between group auditors and component auditors; and
4. clarifying documentation requirements.

Review the Executive Summary on the AASB's Web site.

At its meeting on March 8-9, 2021, the AASB discussed matters related to its proposed exposure draft addressing conforming amendments to other Canadian standards, resulting from the January 2021 approval of Canadian Standard on Quality Management CSQM 1. The AASB expects to review an exposure draft at its April meeting.

Review the Executive Summary on the AASB's Web site.

At its meeting on March 8-9, 2021, the AASB provided input to the IAASB members from Canada on issues related to the IAASB’s draft “Non-Authoritative Guidance on Applying ISAE 3000 (Revised) to Extended External Reporting Assurance Engagements.” Key issues discussed included:

1. the extent to which the guidance and International Standard on Assurance Engagements (ISAE) 3000, Assurance Engagements Other than Audits or Reviews of Historical Financial Information, is relevant when extended external reporting information includes both non-financial and financial information; and
2. the way forward for using the guidance in Canada.

Review the Executive Summary on the AASB's Web site.