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Basis for Conclusions – CAS 700, Reporting on Audited Financial Statements

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Dec 13, 2019

On December 13, 2019, the Auditing and Assurance Standards Board (AASB) released this document, which summarizes the process the AASB followed in revising the requirements to communicate key audit matters in accordance with CAS 700, Forming an Opinion and Reporting on Financial Statements.

The AASB approved the amendments to CAS 700 at its September 2019 meeting. The Board concluded that while significant changes were made to CAS 700 compared to ED-KAM, the amended CAS 700 did not require re-exposure because all changes were responsive to comments received from stakeholders.

The effective dates for KAM reporting are as follows:

  1. entities listed on the Toronto Stock Exchange, excluding listed entities required to comply with National Instrument 81-106, periods ending on or after December 15, 2020; and
  2. other listed entities, excluding listed entities required to comply with NI 81-106, periods ending on or after December 15, 2022.

Review the Basis for Conclusions on the AASB'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.