Vancouver Stakeholder Outreach Sessions: What the AASB Heard – October 2017

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Jan 10, 2018

On January 10, 2018, the Auditing and Assurance Standards Board (AASB) released a summary of the two outreach sessions it hosted in Vancouver in October 2017 with local stakeholders on issues affecting auditing and assurance standards.

The outreach sessions were:

  • Enhancing Investor Confidence in Financial Information Beyond Financial Statements: Is there an enhanced role for the auditor?
  • Issues in applying the Canadian Auditing Standards (CASs) to audits of small-medium sized entities (SMEs).

The first session focused on understanding the information investors use in making their investment decisions, securities regulatory developments in this area and new auditor reporting standards. The session, held in collaboration with the CFA Society of Toronto and the B.C. Securities Commission, included participants such as investors, audit committee members, financial statements preparers, and auditors. The session explored whether there is a role for the auditor with respect to information investors use beyond financial statements, and the merits of the new reporting standards.

The second session focused on the perspective of practitioners who audit SMEs, with participants from small and medium-sized practices (SMPs). The session explored challenges they face in applying CASs to SMEs, how the AASB can respond to those challenges, and how consultations with practitioners can be improved.

Review the full summary on the AASB's website.

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