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Basis for Conclusions – Conforming Amendments to Canadian Standards Resulting from IAASB Conforming Amendments to the IAASB International Standards as a Result of the Revised IESBA Code

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Jul 31, 2020

On July 31, 2020, the Auditing and Assurance Standards Board (AASB) released this document that summarizes the process the AASB followed in revising various standards as a result of IAASB conforming amendments to the IAASB International Standards as a result of the revised IESBA Code.

The Basis for Conclusions has been prepared by staff of the AASB. It relates to, but does not form part of the following Canadian standards:

  • CSQC 1, Quality Control for Firms that Perform Audits and Reviews of Financial Statements, and Other Assurance Engagements;
  • CAS 200, Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Canadian Auditing Standards;
  • CAS 220, Quality Control for an Audit of Financial Statements;
  • CSAE 3000, Attestation Engagements Other than Audits or Reviews of Historical Financial Information;
  • CSAE 3001, Direct Engagements; and
  • CSRE 2400, Engagements to Review Historical Financial Statements.

The revisions to Canadian standards dealing with breaches of ethical requirements have an effective date of July 15, 2020.

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

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