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Minutes of AASOC Meeting – October 22, 2015 - Review Engagements

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Jan 22, 2016

On January 22, 2016, the Auditing and Assurance Standards Oversight Council released the minutes of its October 2015 meeting.

At its meeting on October 22, 2015, the AASB reviewed comments received on its Re-exposure Draft, Engagements to Review Historical Financial Statements. Respondents expressed overall support for the proposed standard. The AASB discussed issues raised including:

  • the need for more specific guidance about the nature and extent of procedures to be performed between the date of the financial statements and the date of the practitioner’s report;
  • whether a requirement or application material addressing dual dating of the practitioner’s report should be added;
  • adding definitions or explanations for certain terms including “areas in the financial statements”, “likely to arise”, “limited assurance”, “sufficient appropriate evidence”, “fair presentation framework” and “compliance framework”; and
  • adding an example of a representation letter.

The AASB expects to approve the final standard at its November 2015 meeting. It was noted that the AASB is working closely with CPA Canada’s Research Guidance and Support Group to develop implementation guidance that will be available when the final standard is issued, or shortly thereafter.

Review the minutes on the AASOC's Web site.

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