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Message from the AASB Chair - Change to the Effective Date of Section 7170

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Aug 26, 2016

On August 26, 2016, the Chair of the Auditing and Assurance Standards Board (AASB) issued a letter to explain a change to the effective date of Section 7170, "Auditor’s Consent to the Use of the Auditor’s Report in a Business Acquisition Report." The effective date is being deferred by one year to June 1, 2017. This will be reflected in the CPA Canada Handbook - Assurance in October 2016.

The AASB is currently working toward finalizing Canadian Standard on Association (CSOA) 5000, Use of the Practitioner’s Communication or Name. The AASB believes it is important to align the effective date of Section 7170 with the effective date of CSOA 5000; hence the effective date of Section 7170 is being deferred.

The former standard, Section 7500, Auditor’s Consent to the Use of the Auditor’s Report in Connection with Designated Documents, will be retained in “Recently Replaced Pronouncements Still in Effect,” in the Handbook until the AASB concludes on the final material relating to the auditor’s consent to the use of the auditor’s report in connection with designated documents.

Review the letter on the AASB’s Web site.

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