At its meeting on June 12-13, 2023, the AASB the following key issues: the proposed final revisions to ISA 700 (Revised), including revisions to application material supporting the conditional requirement for the auditor to disclose the independence requirements applied; and the proposed final revisions to ISA 260 (Revised), including the new requirement for the auditor to communicate with those charged with governance, the independence requirements applied, regardless of whether they were differential independence standards. It also discussed whether any Canadian amendments should be made when adopting the revisions in the equivalent Canadian Auditing Standards (CASs). After discussing the feedback received on its Exposure Draft and the final revisions proposed by the IAASB, the AASB intends to adopt the IAASB’s revisions without Canadian amendments. The AASB plans to approve final revisions to the CASs in September 2023.

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