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Bulletin – Addressing Disclosures in the Audit of Financial Statements

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Feb 26, 2016

On February 26, 2016, the Auditing and Assurance Standards Board (AASB) released a Bulletin where it provides an overview of several revisions to Canadian Auditing Standards (CASs) to more effectively address disclosures in the audit of financial statements.

Addressing disclosures is an integral part of the audit. Therefore, it is important that during all stages of the audit the auditor gives appropriate consideration to, and includes work effort on, disclosures.

The AASB has approved revisions to a number of the (CASs) to more effectively address disclosures in the audit of financial statements. These revisions, which include some changes to requirements and more extensive changes to application material in several CASs, are expected to be effective for periods ending on or after December 15, 2017. In order to facilitate their effective implementation, the issuance of these revisions in the CPA Canada Handbook – Assurance will be deferred until the AASB completes its project to adopt the new auditor reporting standards.

This Bulletin refers to these revisions and highlights matters that may be of relevance for auditors when addressing disclosures as part of an audit of financial statements. In particular, it describes financial reporting disclosure trends and their possible implications from an audit perspective and highlights how the CASs will guide the auditor in addressing disclosures. While the CASs are not yet effective, this Bulletin is issued to promote good practice in the auditing of financial statement disclosures.

Review the Bulletin on the AASB's Web site.

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