At its meeting on February 3-4, 2020, following a review of the project and the final amendments made to CAS 315 with representatives of the AASB, the AASOC concluded that the AASB had followed due process with proper regard for the public interest in developing and approving these amendments to CAS 315.

At its meeting on February 3-4, 2020, the AASOC was advised re this project that:

1. in 2016, the IAASB undertook a project to revise the quality control standards at the firm and engagement level. The revisions to the standard were made to strengthen and improve the standard’s requirements and to focus on identifying, assessing, and responding to quality risks in a broad range of engagement circumstances. The AASB proposed that Canada adopt the same scope as the international standard and, thereby, extend quality control standards to related services engagements, not just assurance engagements as is currently the case; and
2. at its January 2020 meeting, the AASB noted that it was unable to obtain sufficient feedback from stakeholders on the proposed change in scope. The Board discussed the extent of additional consultations needed to assist it in making an informed decision on this matter. It agreed to hold a workshop(s) in the spring or summer 2020 to allow practitioners to identify implementation challenges and provide the Board with some feedback on the new standard.

Review the minutes on the AASOC's Web site.