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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.

Review the minutes on the AASOC's Web site.

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