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Section 7150, Auditor’s Consent to the Use of a Report of the Auditor included in an Offering Document [Completed]

Ef­fec­tive date:

Effective for an auditor’s consent to the use of a report of the auditor in an offering document issued on or after April 1, 2013

Included in the CPA Canada Handbook - Assurance:

January 2013

Last up­dated:

February 2013

Overview

The new Section 7150, Auditor's Consent to the Use of a Report of the Auditor Included in an Offering Document, replaces: (i) Section 7110, Auditor Involvement with Offering Documents of Public and Private Entities; (ii) Section 7115, Auditor Involvement with Offering Documents of Public and Private Entities – Current Legislative and Regulatory Requirements; and (iii) Assurance and Related Services Guideline AuG-30, The Auditor’s Consent and Comfort in Connection with Securities Offering Documents.

Section 7150 includes: setting out the auditor's responsibilities when an intervening period event is identified in circumstances when the audited financial statements were prepared in accordance with a financial reporting framework that does not allow dual dating; requiring only one consent letter to be provided by auditors in connection with certain offering documents filed with a Canadian securities regulator; and setting out new wording for the auditor's consent.

Other developments

February 2013

On February 6, 2013, the AASB issued a Basis for Conclusions document in respect of the new Section 7150.

November 2012

On November 29, 2012, the AASB staff issued an Audit Bulletin that explains the key features of Section 7150 and the significant consequential amendments arising from this new standard.

October 2012

In October 2012, the AASB approved the new Section 7150.

August 2012

In August 2012, the AASB issued its Exposure Draft, Auditor’s Consent to the Use of a Report of the Auditor Included in an Offering Document. Comments requested by September 21, 2012.

Correction list for hyphenation

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