Basis for Conclusions – CAS 250, Consideration of Laws and Regulations in an Audit of Financial Statements
Mar 01, 2017
On March 1, 2017, the Auditing and Assurance Standards Board (AASB) released this document which summarizes the process followed in developing revisions to this standard and the conclusions reached by the AASB.
The AASB concluded that there were no significant changes from a Canadian standpoint between CAS 250 and ED-CAS 250 and, therefore, re-exposure was not required. In October 2016, the AASB approved the revisions CAS 250 and conforming amendments to a number of other Canadian standards. In October 2016, the Auditing and Assurance Standards Oversight Council (AASOC) confirmed that the AASB followed due process. Revised CAS 250 was then issued.
The effective date of CAS 250 and conforming amendments to a number of other standards differs from that in the ISA 250 (Revised) to facilitate an orderly implementation of the standard in Canada. Other than the amendment noted above, the CAS contains no amendment to the ISA wording.
Download the Basis for Conclusions on the AASB's website.
