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.

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.

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.

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.

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.

Review the letter on the IASB's website.

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.

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:

• Press release
• Amendments to National Instrument 52-108 Auditor Oversight and its Companion Policy
• CPAB guidance on how it will implement the amendments

Review the Consultation Paper on the IRCSS' website.

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.