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Key Audit Matter Reporting – AASOC

Date recorded:

At its meeting on June 13-14, 2019, the AASOC received a presentation from the AASB Chair regarding this issue. Mr. Charbonneau highlighted that the AASB staff had received 20 comment letters and consulted with 75 individuals.
One of the proposals set out in the Exposure Draft relates to communicating KAM for entities listed on exchanges other than the Toronto Stock Exchange (TSX). He commented that six letters were in support of extending KAM to entities listed on exchanges other than the TSX, three letters did not support this idea and the remaining letters did not comment on this proposal.

On the issue of entities that are required to comply with National Instrument (NI) 81-106, the AASB proposed to expand KAM to apply to entities that are required to comply with NI 81-106, which applies to both listed and unlisted investment funds. The Board received two letters supporting the proposal, 10 letters not supporting, and the remaining letters not commenting on it. The AASB received mixed feedback on the new standard’s effective date. The Board will provide further information on its findings at the Council’s meeting on July 8, 2019. The Board intends to approve Handbook changes in September 2019 and issue the new standard in December 2019.

Review the minutes on the AASOC's Web site.

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