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AASB Exposure Draft – The Auditor’s Responsibilities Relating to Other Information: Canadian Amendments

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Nov 24, 2015

On November 24, 2015, the Auditing and Assurance Standards Board (AASB) issued an Exposure Draft of proposed Canadian amendments to ISA 720. Stakeholders are encouraged to submit their comments by February 12, 2016.

Based on the input the AASB received from Canadian stakeholders, the AASB expressed support for strengthening the auditor’s responsibilities relating to other information. However, the AASB expressed concerns that the changes to ISA 720 proposed in the 2012 Exposure Draft may widen the expectations gap or otherwise cause confusion among users of the auditor’s report, and that the benefits of extending the auditor’s responsibilities may not exceed related costs. Further, the AASB was concerned that the International Auditing and Assurance Standards Board (IAASB)’s proposals would embed within the financial statement audit an unspecified type of separate engagement related to other information.

The AASB is proposing to make the following Canadian amendments to ISA 720 (Revised) in adopting it as CAS 720:

  1. clarify the documents within (and outside) the scope of CAS 720;
  2. amend references to relevant ethical requirements; and
  3. enhance the description of the auditor’s responsibilities relating to other information expected to be obtained after the date of the auditor’s report in the illustrative reports.

Dowload the Exposure Draft from the AASB's Web site.

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