Update of Public Sector Auditing Standards - AASOC

Date recorded:

At its meeting on October 24, 2016, the AASB discussed issues related to its project to update the Sections in the CPA Canada Handbook – Assurance dealing with the special circumstances that may apply to the audits of public sector entities. In particular, the AASB focussed its discussion on a new guideline that is being developed to address one part of Section PS 5300. Issues discussed included: (i) the scope of the guideline, in particular that it clearly needs to set out the circumstances under which the guideline would be used; (ii) whether the guideline should focus on reporting or performance of the engagement; (iii) the contents of the auditor’s report; (iv) guidance on modified opinions; (v) guidance on assessing the impact of non-compliance; and (vi) whether the guideline should be developed based on the auditor reporting standards currently in effect or the auditor reporting standards that the AASB expects to adopt in 2017.

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