At the AASOC meeting on April 5, 2018, Eric Turner, Director, Auditing and Assurance Standards, of the AASB, presented an update on the issues related to auditor reporting being considered by the AASB, including: dual-listed entity reporting; and the effective date for key audit matters reporting. He noted that the AASB has determined that developing a combined U.S. and Canadian auditor’s report starting in 2018 is not feasible unless the Board relaxes requirements in several areas. Without a combined report, there is concern that some Canadian companies, depending on regulation or contractual agreements, will choose to report under the U.S. PCAOB standards only going forward. One member suggested that the Board discuss this issue with the PCAOB directly. AASB Chair Ken Charbonneau concurred that the Board would make efforts to discuss this issue with the PCAOB and other regulators since it is an issue of global concern. Mr. Turner explained that the Board anticipates concluding on this issue and the effective date for key audit matter reporting at its June meeting. The Council will continue to monitor these issues and receive updates on the Board’s activities at the next meeting.

Review the minutes on the AASOC's Web site.

At the AASOC meeting on April 5, 2018, Darrell Jensen, Ken Charbonneau, and Eric Turner of the AASB discussed key issues related to the Board’s project to revise Section 9200, Compilation Engagements, including: (i) whether the scope of the revised standard should be based on the client’s need for a compilation engagement report; (ii) should there be a requirement to obtain knowledge of the entity’s accounting system and accounting; and (iii) whether pre-exposure draft consultations should be conducted to solicit feedback on the proposed standard. The Board anticipates approving an exposure draft of the revised standard in the fall of 2018.

Review the minutes on the AASOC's Web site.