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New Auditor Reporting - AASOC

Date recorded:

At its meeting on April 7, 2016, the AASOC received a report from the AASB regarding this project. The AASB reviewed input received from stakeholders on its ITC noting that thirty-one written responses were received. In addition, the AASB staff conducted several face-to-face consultations and English and French language webinars were held. Input received indicates that preparers and some industry bodies are concerned about the consequences of adopting the revised ISAs in Canada. Many stakeholders suggest that the AASB wait for the U.S. PCAOB to issue its auditor reporting proposals. Generally, stakeholders support the AASB’s proposal for a staged implementation of the auditor reporting standards. The AASB acknowledged that the uncertainty with the direction of the PCAOB proposals, and the consequences for reporting by Canadian SEC registrants create challenges to adopting the auditor reporting standards today. The AASB will continue to consider certain aspects, including concluding on the implementation dates, issues related to smaller reporting issuers and terminology used in the auditor reporting standards. The AASB will also consider whether performance aspects of the auditor reporting suite of standards could be adopted separately from the reporting aspects.

Review the minutes on the AASOC's Web site.

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