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AASB Operating Plan – 2016-2017

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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.

ProjectGoals
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.

 

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