In her speech, she discusses the following:

• Nature of cyber threats
• Framework for effective responses
• Levers of financial regulators
• Baseline protections and best practices
• Response and recovery

Review the full speech on the PCAOB's website.

The forum covered issues facing audit committees of Canadian reporting issuers, including:

• Emerging technology for auditors
• Cybersecurity protection for reporting issuers
• Expanded auditors report
• Auditor assessments and Audit Quality Indicators
• Transparency of CPAB’s inspection findings

Review the highlights on the CPAB's website.

The AASB is in the fourth year of its current Strategic Plan.

As part of its activities in 2020-2021, the AASB plans to:

• monitor, participate, and respond to international developments, including the Monitoring Group consultation on Strengthening the Governance and Oversight of the International Audit-Related Standard-Setting Boards in the Public Interest;
• monitor the use of emerging technologies in financial reporting and audit;
• progress several key audit standards projects, including those relating to the following: auditor reporting (combined reporting and disclosure of the audit engagement partner’s name); considering revisions to CAS 600, Group Audits; issuing the revisions to CAS 315, Identifying and Assessing the Risks of Material Misstatement, and the changes to the Quality Management standards;
• progress standards for engagements other than audits of financial statements, including those related to the following: approve revised standards for Agreed-upon Procedures; issue a revised standard for Compilation Engagements; issue revised standards for performance audits in the Public Sector; and issue a revised standard on Reporting on Controls at a Service Organization.    

For further details, refer to the Annual Plan on the AASB's web­site.

The Basis for Conclusions has been prepared to make Canadian stakeholders aware of the AASB’s revisions to CAS 700, how the AASB obtained input from stakeholders, and how it dealt with significant matters arising from comments received. It includes background information relating to the reporting requirements for Canadian reporting issuers that are Multijurisdictional Disclosure System filers and the requirements in CAS 700 regarding disclosure of the engagement partner name.

Access the Basis of Conclusions on the AASB’s website.

Are you an MJDS filer who has audits that comply with both Canadian GAAS and PCAOB accounting standards, or Canadian GAAS only?

The AASB deferred application of paragraph 46 for one year for audits of financial statements conducted in accordance with Canadian GAAS when the name of the engagement partner is submitted on Form AP for filing with the PCAOB. As a result, paragraph 46 does not apply to audits of financial statements of affected filers for periods ending before December 15, 2019. The AASB will monitor and support the activities of stakeholders to resolve the issue during the deferral period.

Review the update on the AASB's website.

Review the press release and Discussion Paper on the AASB's website.

The AASB proposes, subject to comments received following exposure, to issue Assurance and Related Services Guideline (AuG) 50, Conducting a Performance Audit in the Public Sector in Accordance with CSAE 3001.

AuG-50 would replace:

1. Section PS 5000, Introduction to Assurance Recommendations that Apply only to the Public Sector;
2. Section PS 5400, Value-for-money Auditing in the Public Sector
3. Section PS 6410, Planning Value-for-money Audits in the Public Sector; and
4. Section PS 6420, Knowledge of the Audit Entity in Planning Value-for-money Audits in the Public Sector.

 Re­view the press re­lease and the Exposure Draft on the AASB's web­site.

Main features of the Exposure Draft

The AASB proposes to expand the requirements for auditors to communicate KAM for audits of complete sets of general purpose financial statements so that they apply to:

• all entities listed on the TSX, TSXV, NEO and CSE; and
• all entities required to comply with NI 81-106

Review the Exposure Draft on the AASB's website.

The AASB proposes, subject to comments received following exposure, to adopt with appropriate amendments:

• proposed International Standard on Quality Management (ISQM) (formerly International Standard on Quality Control (ISQC)) 1, Quality Management for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements;
• proposed new ISQM 2, Engagement Quality Reviews;
• proposed International Standard on Auditing (ISA) 220, Quality Management for an Audit of Financial Statements;

and related conforming and consequential amendments.

Review the Exposure Draft on the AASB’s web­site.

Access the In Brief on the AASB's web­site.