Basis for Conclusions – Auditor’s Consent to the Use of the Auditor’s Report in Connection with a Designated Document
Mar 01, 2019
On March 1, 2019, the Auditing and Assurance Standards Board (AASB) published a summary of the process followed in revising Section 7170 and the Board’s conclusions regarding significant comments received in response to its Exposure Draft.
The AASB’s objective in revising Section 7170 is to address the auditor’s responsibilities in responding to requests to consent to the use of the auditor’s report in connection with designated documents. The public interest considerations in revising Section 7170 include:
- Clarifying the structure of the CPA Canada Handbook – Assurance;
- Addressing the auditor’s deemed association with the Annual Information Form in Section 7500;
- Setting out appropriate work effort;
- Clarifying the auditor’s responsibilities relating to Other Information under CAS 720;3 and
- Addressing the format of the auditor’s consent.
The effective date of the revised Section 7170 is for consents issued on or after June 1, 2019.
Review the Basis for Conclusions on the AASB's website.
