CPAB response to the exposure draft on the proposed ISA 315 (Revised)

  • PCAOB (US Public Company Accounting Oversight Board) (dark gray) Image

Nov 06, 2018

On November 6, 2018, the Canadian Public Accountability Board (CPAB) published their response to the exposure draft on the proposed International Standard on Auditing 315 (Revised).

In their response, they state:

We are concerned that an approach to have a scaled down risk assessment process for certain audits could lead to a significant difference in the audit quality between different size entities having a negative impact on the public interest.

At a minimum, we suggest a clarification be added to the final standard that a scaled back approach to risk assessment would not be applicable to listed companies and other entities that have a significant public interest, regardless of whether the entity is not considered to be complex.

Review the response on the CPAB'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.