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AASB Exposure Draft – Auditor's Consent to the Use of the Auditor's Report in Connection with a Designated Document

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May 04, 2018

On May 4, 2018, the Auditing and Assurance Standards Board (AASB) issued an Exposure Draft of a proposed new standard that deals with an auditor’s consent in connection with designated documents. Stakeholders are encouraged to submit their comments by July 31, 2018.

The AASB proposes to issue revised Section 7170, AUDITOR’S CONSENT TO THE USE OF THE AUDITOR’S REPORT IN CONNECTION WITH A DESIGNATED DOCUMENT. The revised Section 7170 would replace:

  • Section 7170, Extant AUDITOR’S CONSENT TO THE USE OF THE AUDITOR’S REPORT INCLUDED IN A BUSINESS ACQUISITION REPORT; and
  • Section 7500, AUDITOR'S CONSENT TO THE USE OF THE AUDITOR'S REPORT IN CONNECTION WITH DESIGNATED DOCUMENTS.

The Exposure Draft proposes that the revised Section 7170 deal with an auditor's responsibilities in responding to requests to consent to the use of the auditor’s report in connection with a designated document. A designated document consists of the following continuous disclosure documents filed with securities regulatory authorities:

  • audited financial statements; or
  • a document that contains, or incorporates by reference, the audited financial statements.

Documents currently within the scope of Section 7500 that will be included within the scope of the proposed Section 7170 include:

  • the entity’s audited financial statements; or
  • the entity’s annual report that contains the entity’s audited financial statements and the auditor’s report thereon.

Several documents currently within the scope of Section 7500 will be excluded from the scope of the revised Section 7170 unless they meet the definition of a designated document under the revised Section 7170. These documents include the entity’s:

  • MD&A;
  • material change report; and
  • AIF

Review the Exposure Draft on the AASB's website.

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