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Location: Toronto
In August 2023, the Auditing and Assurance Standards Board (AASB) released an executive summary of discussions and decisions with respect to the topics addressed at this meeting.
Canadian Auditing Standards
Review the Executive Summary on the AASB's Web site.
At its meeting on August 15, 2023, the AASB reviewed the responses received to the Canadian Exposure Draft on Canadian Auditing Standards (CAS) 570, Going Concern, and the Board’s response to the International Auditing and Assurance Standards Board (IAASB) on the proposed ISA 570, Going Concern. Key issues discussed included: (i) that the AASB’s response letter should highlight our concerns regarding the misalignment between financial reporting and auditing standards and the expectations gap arising from the proposed auditor’s statements in the auditor’s report; and (ii) that the AASB response letter should clearly state that the AASB does not support the proposed auditor’s conclusion on the appropriateness of management’s use of the going concern basis of accounting and the statement that the auditor did not identify any material uncertainty relating to going concern. The AASB concluded that robust, meaningful, and appropriate engagement has been obtained in developing the response letter. The response letter to the IAASB was submitted before its comment deadline of August 24, 2023.
At its meeting on August 15, 2023, the AASB reviewed the responses received to the Canadian Exposure Draft on Canadian Auditing Standards (CAS) 570, Going Concern, and the Board’s response to the IAAB on the proposed ISA 570, Going Concern. Key issues discussed included: (i) that the AASB’s response letter should highlight the concerns regarding the misalignment between financial reporting and auditing standards and the expectations gap arising from the proposed auditor’s statements in the auditor’s report; and (ii) that the AASB response letter should clearly state that the AASB does not support the proposed auditor’s conclusion on the appropriateness of management’s use of the going concern basis of accounting and the statement that the auditor did not identify any material uncertainty relating to going concern. The AASB concluded that robust, meaningful, and appropriate engagement has been obtained in developing the response letter. The response letter to the IAASB was submitted before its comment deadline of August 24, 2023.
Review the Executive Summary on the AASB's Web site.