Other Considerations – Engagement Partner Name – 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 advised that the one-year deferral the AASB approved in January 2019 will not be required after the stated December 15, 2019, end date. The International Practices Task Force’s (IPTF), a task force of the SEC Regulations Committee, minutes were issued as expected and confirm the SEC’s view that for certain Canadian entities that report to the SEC, a Canadian Auditing Standards report is not “filed” in the U.S.; it is “furnished.” A furnished audit report does not attract the same liability concerns as a filed report. Therefore, personal liability should not be a concern. Mr. Charbonneau also indicated the Board is not currently working on any project related to the engagement partner name. However, the Board knows the large firms are working through their legal counsel to resolve related issues.

Review the minutes on the AASOC's Web site.

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