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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 audit quality insights report: 2019 Annual inspections results

Mar 27, 2020

On March 27, 2020, the Canadian Public Accountability Board (CPAB) released its annual inspections results noting an overall increase in significant findings in the audits of the 35 public accounting firms it inspected in 2019.

All participating audit firms must enhance their commitment to continuous improvement at every level of their organization and embed a culture of quality to deliver consistent, high quality audits.

Review the report on the CPAB's website.

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 consults on Extended External Reporting (EER) assurance

Mar 13, 2020

On March 13, 2020, the International Auditing and Assurance Standards Board (IAASB) released for feedback it’s non-authoritative EER Guidance. This is in response to organizations that are increasingly reporting about their broader performance or impact (“Extended External Reporting” or “EER”) either voluntarily or as required by law or regulation, and the growing demand for assurance engagements on such reporting. Comments are requested by July 13, 2020.

EER encapsulates many different forms of reporting including, but not limited to, integrated reporting, sustainability reporting and other reporting by entities about financial and non-financial matters, including environmental, social and governance matters, related to an entity’s activities.

The purpose of the IAASB’s Public Consultation on Proposed Guidance, Extended External Reporting Assurance is to promote consistent high-quality application of ISAE 3000 (Revised) Assurance Engagements Other than Audits or Reviews of Historical Financial Information so as to:

  • Strengthen the influence of EER assurance engagements on the quality of EER reports;
  • Enhance user trust in the resulting assurance reports; and
  • Engender greater confidence in the credibility of, trust in and reliance upon EER reports by their intended users.

The draft non-authoritative guidance addresses Special Considerations in Performing Assurance Engagements on Extended External Reporting.

Review the press release and guidance on the IAASB's webiste.

IAASB enhances ISRS 4400 to respond to evolving needs of stakeholders

Apr 03, 2020

On April 3, 2020, the International Auditing and Assurance Standards Board (IAASB) released International Standard on Related Services (ISRS) 4400 (Revised), its revised standard for performing agreed-upon procedures engagements.

In an agreed-upon procedures engagement, the practitioner performs the procedures that have been agreed upon by the practitioner and the engaging party, and the practitioner communicates those procedures and the related findings in the agreed-upon procedures report. A wide range of stakeholders use agreed-upon procedures reports for a variety of reasons; for example, regulators, funding bodies, creditors and others ask for agreed-upon procedures reports to support or complement information, such as audited financial statements or loan or grant applications.

In addition to having been redrafted using the clarity drafting conventions to be consistent with other IAASB International Standards, some of the significant enhancements to ISRS 4400 (Revised), Agreed-Upon Procedures Engagements, include:

  • Responding to the needs of stakeholders – Broadening the scope of the standard to meet demand for agreed-upon procedures engagements and introducing requirements and application material to address evolving engagement circumstances, such as the use of a practitioner’s expert in an agreed-upon procedures engagement.
  • Providing transparency in the AUP report – Introducing requirements and application material to clarify whether or not the practitioner is required to comply with independence requirements and, if so, the determination and disclosure of the relevant independence requirements.
  • Enhancing consistency in the performance of AUP engagements – Clarifying how professional judgment is exercised in an agreed-upon procedures engagement and introducing requirements and application material on engagement acceptance and continuance conditions and documentation.

ISRS 4400 (Revised) will be effective for AUP engagements for which the terms of engagement are agreed on or after January 1, 2022.

Review the press release and revised standard on the IAASB'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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