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Association - AASOC

Date recorded:

At the AASOC meeting on July 7-8, 2016, the AASB reviewed final revisions to proposed CSOA 5000. It was noted that the current Section 7500 includes an auditor’s consent in connection with the entity’s financial statements and the auditor’s report thereon filed with securities regulatory authorities. Consistent with Section 5020, Association, proposed CSOA 5000 does not include such an auditor’s consent. Section 7500 will be withdrawn from the CPA Canada Handbook – Assurance when CSOA 5000 becomes effective. The AASB will consider the implications of no longer having this consent covered by a standard. The AASOC noted that many other jurisdictions do not have a standard equivalent to Section 5020. Mr. Jensen stated that the AASB believes the standard is important because it protects the public by requiring the practitioner to take appropriate action when the public may be misinformed about the involvement of the practitioner with information with which the practitioner is associated.

Review the minutes on the AASOC's Web site.

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