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AASB Exposure Draft – Responding to Non-compliance or Suspected Non-compliance with Laws and Regulations

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Aug 21, 2015

On August 21, 2015, the Auditing and Assurance Standards Board (AASB) issued an Exposure Draft that proposes to adopt limited changes to international standards necessary to resolve actual or perceived inconsistencies or to clarify key aspects of proposed revisions to the IESBA Code of Ethics. Stakeholders are encouraged to submit their comments by September 30, 2015.

The Auditing and Assurance Standards Board (AASB) proposes to adopt with appropriate amendments, if any, proposed limited changes to International Standards on Auditing (ISAs) and International Standard on Quality Control 1 (ISQC 1):

  • ISA 220, Quality Control for an Audit of Financial Statements;
  • ISA 240, The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements;
  • ISA 250, Consideration of Laws and Regulations in an Audit of Financial Statements;
  • ISA 260 (Revised), Communication with Those Charged with Governance;
  • ISA 450, Evaluation of Misstatements Identified During the Audit; and
  • ISQC 1, Quality Control for Firms that Perform Audits and Reviews of Financial Statements, and Other Assurance and Related Services Engagements,

issued by the International Auditing and Assurance Standards Board (IAASB). The AASB proposes to make the same limited changes to the corresponding Canadian Auditing Standards (CASs) and Canadian Standard on Quality Control 1 (CSQC 1).

The IAASB also proposes limited changes to:

  • International Standard on Review Engagements (ISRE) 2400 (Revised), Engagements to Review Historical Financial Statements; and
  • International Standard on Assurance Engagements (ISAE) 3402, Assurance Reports on Controls at a Service Organization.

Review the exposure draft on the AASB's Web Site.

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