Not possible for auditors to issue combined reports for financial statement periods ending on or after December 15, 2018

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Nov 14, 2018

On November 14, 2018, the Auditing and Assurance Standards Board AASB) released a message from the AASB Chair noting that until now, many audits of Canadian entities listed in both Canada and the United States were conducted in accordance with both CASs and PCAOB auditing standards. Auditors were able to report compliance with the two standards in one combined auditor’s report. Unfortunately, there are now many differences between the two auditor reporting standards – difficult to resolve in a combined report.

The AASB has explored possible options to resolve these issues, but have not yet come to a conclusion.

They are in discussions with the U.S. securities regulator and the PCAOB to develop a combined report that would be acceptable in both Canada and the United States. Reaching such a conclusion may require changes to CASs.

Review the Message from the Chair on the AASB's website.

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