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Basis for Conclusions – Addressing Disclosures in the Audit of Financial Statements

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Jun 12, 2017

On June 12, 2017, the Auditing and Assurance Standards Board (AASB) released this document which sets out how the AASB reached its conclusions. As well, it sets out significant matters arising from comments received in response to its Exposure Draft and indicates how the Board dealt with the issues raised.

This Basis for Conclusions has been prepared by staff of the AASB. It relates to, but does not form part of the following Canadian Auditing Standards: CAS 200, 210, 240, 260, 300, 315, 320, 330, 450 and 700.

This Basis for Conclusions has been prepared to make Canadian stakeholders aware of the following:

  • A Basis for Conclusions prepared by IAASB staff, “Addressing Disclosures in the Audit of Financial Statements,” corresponds to the 10 CASs listed above and is available on the IAASB website. It provides
    information on how the IAASB dealt with comments received on significant matters in response to the Exposure Draft, “Addressing Disclosures in the Audit of Financial Statements” (ED-ISAs Disclosures).
  • Information on how the AASB dealt with significant matters arising from comments received in response to its Exposure Draft, “Addressing Disclosures in the Audit of Financial Statements” (ED-CASs Disclosures) and matters particular to Canada.

The AASB considered issues relating to the effective date of the changes to the 10 CASs. The Board considered that the date should be the same as the effective date of the CASs resulting from its project on new auditor reporting standards. The effective date of the changes is for financial statement periods ending on or after December 15, 2018.

Because the changes to the ISAs are effective for financial statement periods ending on or after December 15, 2016, auditors performing audits of financial statements in accordance with the CASs for the periods ending on or after December 15, 2016, should not represent compliance with the ISAs unless they have also complied with the requirements in the respective ISAs.

Download the Basis for Conclusions on the AASB's website.

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