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New Auditor Reporting - AASOC

Date recorded:

At the AASOC meeting on November 9-10, 2017, Eric Turner of the AASB staff presented an update on the issues related to auditor reporting being considered by the AASB, including: (i) the status of activities related to developing a combined U.S. and Canadian auditor’s report that can be used by dual-listed entities, and potential for acceptance by the U.S. Securities and Exchange Commission; (ii) considerations related to revising the effective date for key audit matters reporting for TSX-listed entities; and (iii) implications of disclosing the engagement partner’s name in the auditor’s report.

The AASB members involved in developing a combined auditor’s report believe it is possible to achieve this objective for 2017 based on similar content in both reports. However, due to the nature of the differences for auditor’s reports starting in 2018, the Board members believe it will not be possible to create a combined auditor’s report. This may lead some Canadian companies, depending on regulation or contractual agreements, to report under the US Public Company Accounting Oversight Board standards. AASOC discussed how to promote the use of Canadian auditor reporting standards, outside of regulatory action. The AASOC will continue to monitor this issue and receive updates on Board activities at the next meeting.

Review the minutes on the AASOC's Web site.

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