At its meeting on September 11-12, 2021, the AASB discussed issues related to the IAASB’s post-implementation review of auditor reporting. Key issues discussed included:

1. whether the IAASB should undertake a follow-up post-implementation review focusing on key audit matters (KAM) reporting; and
2. whether the material uncertainties section in an auditor’s report should be similar to KAM. In particular, the AASB discussed whether such material would be similar to close-call going concern assessments or set out the auditor’s procedures undertaken.

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

At its meeting on September 11-12, 2021, the AASB discussed issues related to the IAASB’s project to revise ISA 600, Special Considerations – Audits of Group Financial Statements (Including the Work of Component Auditors). Key issues discussed included:

1. the need for guidance on using audit evidence from an audit conducted for statutory purposes, whether already completed or being performed; and
2. how the group auditor determines whether, and to what extent, to review parts of the component auditor audit documentation.

The IAASB is expected to approve ISA 600 (Revised) at its December 2021 meeting. The AASB would approve CAS 600 in early 2022.

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

At its meeting on September 11-12, 2021, the AASB received an update on its Compilation of FOFI project, including a revised timeline. The Board discussed the proposed approaches to using the FOFI Reference Group and to developing a new Canadian Standard on Related Services.

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