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2020

AASB Exposure Draft – Conforming amendments to Canadian standards resulting from IAASB conforming amendments to IAASB International Standards as a result of the revised IESBA Code

Jan 17, 2020

On January 17, 2020, the Auditing and Assurance Standards Board (AASB) issued an Exposure Draft proposing to adopt, with appropriate amendments, proposed revisions to International standards issued by the International Auditing and Assurance Standards Board (IAASB). Comments are requested by March 27, 2020.

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

Basis for Conclusions – Compilation Engagements

Jan 31, 2020

On January 31, 2020, the Auditing and Assurance Standards Board (AASB) released this document, which summarizes the process the AASB followed in issuing CSRS 4200, Compilation Engagements, and the Board’s conclusions regarding significant comments received in response to its Exposure Draft.

CPAB auditor’s responsibilities related to fraud project

Feb 06, 2020

On February 6, 2020, the Canadian Public Accountability Board (CPAB) released an overview of a project it launched in 2019 to evaluate how auditors are complying with Canadian Auditing Standards and to identify what actions can be taken by all relevant stakeholders to better prevent and detect corporate fraud.

There has been a brighter spotlight on fraud recently in the wake of high-profile corporate failures. A focus internationally has been on how far an auditor’s responsibility extends in detecting fraud in an audit of the financial statements.

Review the overview on the CPAB's website.

CPAB going concern project

Jan 23, 2020

On January 23, 2020, the Canadian Public Accountability Board (CPAB) released an overview of the going concern project it launched in 2019 to enhance our understanding of how auditors approach their work to review management’s assessment of going concern risk and how to better apply best practices.

In the wake of international business failures, regulators and standard setters around the world are exploring whether enough is being done to publicly disclose material uncertainties around going concern.

Review the project overview on the CPAB's website.

IAASB releases auditor reporting project update

Feb 03, 2020

On February 3, 2020, the International Auditing and Assurance Standards Board’s (IAASB) Auditor Reporting Implementation Working Group (ARIWG) published a project update in the form of a Communiqué, which provides an update on the IAASB’s post implementation review (PIR) of the revised auditor reporting standards.

The communique also includes other relevant news and information relevant to the IAASB’s PIR.

Review the press release and project update on the IAASB's website.

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