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Message from the AASB Chair – Moving Forward on New Auditor Reporting and Other Standards

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Nov 14, 2016

On November 14, 2016, the Chair of the Auditing and Assurance Standards Board (AASB), Darrell Jensen, provided an update on the progress towards adopting new international standards.

They are still considering whether key audit matter reporting should be required for audits of other listed entities. They intend to conduct research on this topic with a view to making a decision within 18 months of the date when this reporting becomes effective for Toronto Stock Exchange listed entities.

The latest information available indicates that the U.S. standard-setting process should be complete early in 2017. They expect to be in a position to determine the impact of the U.S. standards in Canada and approve the CASs for auditor reporting and other standards in the spring of 2017. They currently do not anticipate making the CASs effective prior to periods ending on or after December 15, 2018.

The IAASB’s effective date for these standards is for periods ending on or after December 15, 2016. Accordingly, auditors conducting audits of financial statements in accordance with the CASs for periods ending on or after December 15, 2016 should not represent compliance with the ISAs unless they have complied with the respective ISAs issued by the IAASB, which have yet to be adopted in Canada.

Review the message on the AASB's website.

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