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AASB Exposure Draft – Agreed-upon Procedures Engagements

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Nov 30, 2018

On November 30, 2018, the Auditing and Assurance Standards Board (AASB) issued an Exposure Draft of a proposed new standard proposing to adopt, with Canadian amendments, ISRS 4400 (Revised). Read and respond to the Exposure Draft by February 15, 2019.

The Exposure Draft consists of:

  • an explanation of why change is needed;
  • key public interest considerations;
  • main features of the Exposure Draft;
  • a link to the IAASB’s Exposure Draft, including its Explanatory Memorandum;
  • a description of the AASB’s process for adopting ISRS 4400 (Revised);
  • discussion of proposed Canadian amendments; and
  • a proposed effective date.

The result would be Canadian Standard on Related Services (CSRS) 4400, Agreed-upon Procedures Engagements, that would replace:

  • Section 9100, REPORTS ON THE RESULTS OF APPLYING SPECIFIED AUDITING PROCEDURES TO FINANCIAL INFORMATION OTHER THAN FINANCIAL STATEMENTS; and
  • Section 9110, AGREED-UPON PROCEDURES REGARDING INTERNAL CONTROL OVER FINANCIAL REPORTING.

Proposed effective date

The IAASB proposes that ISRS 4400 (Revised) be effective in approximately 18-24 months after the final standard is issued. CSRS 4400 is expected to have the same effective date. Practitioners will be permitted to apply CSRS 4400 before the effective date.

The AASB expects to use the same effective date for the CSRS as the IAASB does for ISRS 4400 (Revised).

Review the exposure draft on the AASB's website.

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.