IAASB: Conforming Amendments to its Other Standards and Framework due to the Revised Quality Management Standards [Completed]
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Effective date: |
At its meeting on March 7-8, 2022, the AASB approved the conforming amendments. The conforming amendments were issued to the CPA Canada Handbook – Assurance in May 2022. The conforming amendments will be effective on or after December 15, 2022 except only for the amendments to CSRS 4200 and CSRS 4400 which will be effective for periods beginning on or after December 15, 2023. |
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Last updated: |
June 2022 |
Overview
On February 22, 2021, the International Auditing and Assurance Standards Board (IAASB) issued an Exposure Draft addressing changes in some of its standards and framework resulting from the new and revised quality management standards. Comments are requested by May 24, 2021.
The Exposure Draft aligns the IAASB’s standards related to review, assurance and related services, as well as its framework, with the quality management standards through conforming amendments. This will ensure that the IAASB's international standards continue to be applied as intended. The proposed changes will also modify IAASB standards to reflect aspects of the new quality management approach and emphasize the importance of firm-level quality management to consistent quality engagements.
For more information refer to the IAASB’s press release.
On January 19, 2022, the IAASB issued the conforming and consequential amendments to the ISAs resulting from the new and revised quality management standards. These conforming and consequential amendments to the ISAs will be effective as of December 15, 2022.
For further details, review the related press release and amendments on the IAASB's website.
At its meeting on March 7-8, 2022, the AASB approved the conforming amendments. The conforming amendments were issued to the CPA Canada Handbook – Assurance in May 2022. The conforming amendments will be effective on or after December 15, 2022 except only for the amendments to CSRS 4200 and CSRS 4400 which will be effective for periods beginning on or after December 15, 2023.
Other Developments
May 2022
On May 1, 2022, the conforming and consequential amendments to the Canadian assurance standards were issued the CPA Canada – Assurance Handbook.
January 2022
On January 19, 2022, the IAASB issued the conforming and consequential amendments to the ISAs resulting from the new and revised quality management standards. These conforming and consequential amendments to the ISAs will be effective as of December 15, 2022.
February 2021
On February 22, 2021, the International Auditing and Assurance Standards Board (IAASB) issued an Exposure Draft addressing changes in some of its standards and framework resulting from the new and revised quality management standards. Comments are requested by May 24, 2021.