AASB Operating Plan – 2016-2017
May 13, 2016
On May 13, 2016, the Auditing and Assurance Standards Board (AASB) released its Operating Plan where it sets out its objectives and planned activities along with other initiatives to be undertaken in 2016-2017.
| Project | Goals |
|---|---|
| Canadian Auditing Standards | |
| Auditing Accounting Estimates – revisions to CAS 540 | Issue an exposure draft following issuance of the IAASB’s exposure draft on ISA 540 (An IAASB exposure draft is planned for December 2016) |
| Auditor Reporting – new CAS 701 and revisions to various CASs | Determine when and how to finalize standards in Canada |
| Enhancing Audit Quality in the Public Interest (professional skepticism, quality control and group audits) | Obtain input from Canadian stakeholders and respond to the IAASB’s Invitation to Comment in May 2016 |
| Financial Statement Disclosures – revisions to various CASs | Determine when and how to finalize standards in Canada |
| Non-compliance with Laws and Regulations – revisions to various CASs | Issue revised standards (IAASB approval is planned for June 2016) |
| Responsibilities Relating to Other Information – revisions to CAS 720 | Determine when and how to finalize standards in Canada |
| Early-stage IAASB initiatives for which IAASB project proposals have not yet been approved including group audits (ISA 600), identifying and assessing the risks of material misstatements (ISA 315), quality control (ISQC 1 and ISA 220) and professional skepticism |
Consider and implement approaches for identifying Canadian issues across a broad range of stakeholders Develop Canadian positions on issues of key interest Explore the best means of providing input on these issues to the IAASB |
| Assurance and Related Services Standards (other than CASs) | |
| Agreed-upon Procedures |
Participate directly in the IAASB’s project by providing staff support to the IAASB Obtain input from Canadian stakeholders and respond to the IAASB’s Discussion Paper (The IAASB’s discussion paper is planned for September 2016) |
| Association | Issue a final standard to replace Section 5020 |
| Compilation Engagements | Issue an invitation to comment |
| Future-oriented Financial Information | Discuss issues involved in developing an assurance engagement standard |
| Public Sector Auditing Standards | Issue an invitation to comment |
| Special Reports | Issue a re-exposure draft |
Review the Operating Plan on the AASB's Web site.