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New Auditor Reporting - AASOC

Date recorded:

At its meeting on February 16, 2017, the AASOC and AASB reviewed draft basis for conclusion documents related to the adoption of auditor reporting standards in Canada. They also discussed risks associated with the effective implementation of these standards and key messages to communicate to stakeholders. The AASB agreed to release draft material to provincial accounting bodies for use in developing courses and training in March 2017 and expect to approve final auditor reporting standards in April 2017. The AASB continues to monitor the progress of the U.S. Public Company Accounting Oversight Board’s (PCAOB) auditor reporting proposals. The AASOC discussed whether there would be any drawbacks in issuing the auditor reporting standards before knowing the position of the PCAOB. The Chair of the AASB noted that if the PCAOB takes a different position regarding reporting on key audit matters, there would be an impact on dual-listed entities, who could choose to follow PCAOB rules. The AASOC noted that it is important for larger companies to follow Canadian standards to provide examples for smaller and middle market companies to follow.

Review the minutes on the AASOC's Web site.

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