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AASB Decision Summary – October 14, 2015 - Communications with Law Firms

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Oct 21, 2015

On October 21, 2015, the Auditing and Assurance Standards Board (AASB) released an executive summary of its discussions and decisions with respect to the topics addressed at this meeting.

At its meeting on October 14, 2015, the AASB approved a revised “Joint Policy Statement Concerning Communications with Law Firms Regarding Claims and Possible Claims in Connection with the Preparation and Audit of Financial Statements” appended to CAS 501, Audit Evidence — Specific Considerations for Selected Items, as well as conforming amendments to CAS 501.  

The AASB concluded that changes made in finalizing the Joint Policy Statement were not significantly different from the proposals in the Exposure Draft and, therefore, no re-exposure is necessary.

The revisions will be effective for inquiry letters dated on or after December 1, 2016 and are expected to be reflected in an April 2016 Handbook update.

Review the executive summary on the AASB's Web site.

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.