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All - Deloitte Image

CAQ Issues Publication on Audit Committee Practices

Jan 26, 2022

In January 2022, the Center for Audit Quality (CAQ) and Deloitte’s Center for Board Effectiveness released a publication "Audit Committee Practices Report: Common Threads Across Audit Committees".

The publication provides insight into important current issues for audit committees and leading practices for executing their responsibilities effectively.

Review the publication on the CAQ's website.

IFRS - AcSB Image

AcSB and ASBJ hold joint meeting

Jan 25, 2022

On January 25, 2022, the Canadian Accounting Standards Board (AcSB) and the Accounting Standards Board of Japan (ASBJ) held a joint meeting by video conference. The meeting was the third bilateral meeting between the two standard setters.

At the meeting, the AcSB and the ASBJ discussed specific technical topics in which both Boards have interest, including financial instruments, disclosure initiatives, and responding to changes in the market environment, including the interest of stakeholders. The two standard setters plan to continue to exchange views.

Review the press release on the ASBJ website.

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Canadian securities regulators publish detailed data for seventh annual review of representation of women on boards in Canada

Jan 20, 2022

On January 20, 2022, the securities regulatory authorities in Manitoba, New Brunswick, Nova Scotia, Ontario, Québec and Saskatchewan (the participating jurisdictions) published the underlying data used to prepare the seventh year review of women on boards and in executive officer positions.

This was the seventh annual review of disclosure related to women on boards and in executive officer positions conducted by the participating jurisdictions.

The data was compiled from public documents filed on SEDAR and includes the name, industry and year-end of the 599 non-venture issuers who were included in the review sample. These issuers had year-ends between December 31, 2020 and March 31, 2021, and filed information circulars or annual information forms by July 31, 2021.

Review the press release and data on the CSA's website.

IAASB - Assurance Image

IAASB Releases Conforming and Consequential Amendments Aligning Existing IAASB Standards to New, Revised Quality Management Standards

Jan 19, 2022

On January 19, 2022, the International Auditing and Assurance Standards Board (IAASB) released further conforming and consequential amendments to the IAASB’s standards resulting from the new and revised quality management standards, which were released in December 2020.

The conforming amendments remove actual or perceived inconsistencies between the IAASB’s suite of standards and the quality management standards. This allows the IAASB’s full suite of standards operate in conjunction with each other and without confusion, which is especially crucial given the importance of firm-level quality management to the consistent performance of quality engagements.

The standards covered do not include the International Standards on Auditing (ISAs). Conforming and consequential amendments to the ISAs were finalized and released in December 2020 alongside the quality management standards.

The conforming amendments to the IAASB’s International Standards become effective as of December 15, 2022.

Review the press release and amendments on the IAASB's website.

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Canadian securities regulators publish guidance on ESG-related investment fund disclosure

Jan 19, 2022

On January 19, 2022, the Canadian Securities Administrators (CSA) published guidance for investment funds on their disclosure practices that relate to environmental, social and governance (ESG) considerations, particularly funds whose investment objectives reference ESG factors and other funds that use ESG strategies (ESG-Related Funds).

The guidance is based on existing regulatory requirements and addresses areas of disclosure, including investment objectives, fund names, investment strategies, risk disclosure, continuous disclosure and sales communications.

As the investment fund industry creates new funds and incorporates ESG considerations into existing funds to meet demand, there is an increased potential for “greenwashing” – where a fund’s disclosure or marketing intentionally or inadvertently misleads investors about the ESG-related aspects of the fund.

This guidance is intended to help investment funds and their fund managers enhance the ESG-related aspects of the funds’ regulatory disclosure documents and ensure that sales communications of ESG-Related Funds are not untrue or misleading and are consistent with the funds’ regulatory offering documents.

Review the press release and guidance on the CSA's website.

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AcSB Response – Disclosure Requirements in IFRS Standards – A Pilot Approach

Jan 19, 2022

In January 2022, the International Accounting Standards Board (IASB) published the Accounting Standards Board (AcSB) response to the IASB’s Exposure Draft issued in March 2021. The AcSB’s letter included several comments, most notably that stimulating changes to current behaviour towards disclosure requirements may prove to be the most significant barrier to achieving effective application of the IASB’s proposed amendments.

Review the letter on the IASB's website.


IASB member provides update on extractive activities project

Jan 18, 2022

On January 18, 2022, International Accounting Standards Board (IASB) member Tadeu Cendon issued an article which provides an update on the IASB’s extractive activities project. The article explains reasoning behind certain IASB’s decisions related to the scope and objectives of the project.

Specifically, the article discusses:

  • Feedback received from stakeholders on why the Board was looking at extractive activities.
  • Tentative board decisions reached on the scope and objective.
  • Diversity in accounting policy.
  • Challenges in applying certain accounting standards to extractive activities outside the scope of IFRS 6.
  • Reserve and resource information.
  • Upcoming research.

Review the press release and article on the IASB’s website.

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Canadian securities regulators adopt changes to auditor oversight rules

Jan 13, 2022

On January 13, 2022, the Canadian Securities Administrators (CSA) published final amendments intended to assist the Canadian Public Accountability Board (CPAB) with inspecting audit work performed in foreign jurisdictions.

The amendments respond to challenges CPAB has faced in accessing audit work performed by firms that are not subject to the regulator’s oversight, but complete a significant portion of the work for the audit of a Canadian reporting issuer. Audit firms performing such work are referred to as significant component auditors.

Once the changes take effect, if a significant component auditor does not provide access to CPAB voluntarily, and CPAB requests to inspect the work it performed, the significant component auditor will be requested to enter into an access agreement with CPAB to facilitate inspection of its work. Failure to do so will render that auditor ineligible to be a significant component auditor for future audit work.

Provided all necessary ministerial approvals are obtained, the amendments will come into force on March 30, 2022.

Review the following information:


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IRCSS Consultation Paper Response Deadline Extended to March 31, 2022

Jan 13, 2022

The pandemic continues to greatly impact the activities of organizations and individuals. To ensure stakeholders have adequate time to weigh in on this Consultation Paper, the Independent Review Committee on Standard Setting in Canada (IRCSS) has extended the comment period for its Consultation Paper from February 28, 2022, to March 31, 2022.

Review the Consultation Paper on the IRCSS' website.

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2022-2023 IAASB Work Plan Approved Pending PIOB Approval

Jan 11, 2022

On January 11, 2022, the International Auditing and Assurance Standards Board (IAASB) approved a new work plan, "A Public Interest Focus in Uncertain Times", during its December 2021 meeting. Pending approval by the Public Interest Oversight Board (PIOB), anticipated in early April 2022, the work plan will guide the IAASB’s work in 2022 and 2023, reflecting the IAASB Strategy for 2020-2023.

Sustainability and environmental, social, and governance (ESG) assurance are a prominent addition to the new work plan and will see increased time and resourcing for 2022–2023. In addition, the new work plan highlights candidate topics in the Audit and Review space (e.g., responding to assessed risks of material misstatement and the impact of technology on various standards) that the IAASB will consider for a further project to commence in 2023. A key focus will remain the progression and completion of projects underway at the start of 2022, including audits of financial statements of less complex entities, audit evidence, going concern, and fraud.

Review the press release and new work plan on the IAASB's website.

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