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Section 7060, Auditor Review of Interim Financial Statements [Completed]

Ef­fec­tive date:

Reviews of interim financial statements for interim periods of fiscal years beginning on or after December 15, 2014

Included in the CPA Canada Handbook - Assurance

September 2014

Last up­dated:

September 2014

Overview

The development of the new Section 7060, Auditor Review of Interim Financial Statements, is part of the AASB’s project to revise the “7000 series of standards” that focus primarily on the auditor’s role and responsibilities in the capital markets.

The AASB’s objective in developing the new Section 7060 was to rewrite the existing standard Section 7050 of the same name in the clarity format and make other revisions, as appropriate. The clarity format includes the following features: identifying the auditor’s overall objectives;  setting an objective in each standard and establishing the auditor’s obligation in relation to that objective; clarifying the obligations imposed on auditors by each standard’s requirements and the language used to communicate these requirements; eliminating any possible ambiguity about the requirements an auditor needs to fulfill; and improving the overall readability and understandability of each standard through structural and drafting improvements.

Other developments

September 2014

On September 2, 2014, the AASB staff issued a Basis for Conclusions document with respect to the new Section 7060.  The document summarizes the process followed in developing this standard and the conclusions reached by the AASB regarding significant comments received in response to its Exposure Draft.

November 2013

On November 1, 2013, the AASB issued an Exposure Draft of the proposed new Section 7060 with a request for comments by January 15, 2014.

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