At its meeting on September 12-13, 2023, the AASB unanimously approved narrow-scope amendments to Canadian Auditing Standard (CAS) 700, Forming an Opinion and Reporting on Financial Statements, and CAS 260, Communication with Those Charged with Governance, subject to the International Public Interest Oversight Board’s due process approval of narrow-scope amendments ISA 700 (Revised) and ISA 260 (Revised). Prior to approval, the AASB concluded: (i) through unanimous decision, that re-exposure was not necessary as there are no Canadian amendments in CAS 700 or CAS 260; and (ii) that the narrow-scope amendments will be effective for audits of financial statements for periods beginning on or after December 15, 2024. Once the Auditing and Assurance Standards Oversight Council confirms that the AASB followed due process with proper regard for the public interest, the final narrow-scope amendments will be issued in the CPA Canada Handbook – Assurance in November 2023.

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