Related Discussions

• Listed Entities and PIEs – AASB

• Nov 12, 2023

• At its meeting on November 12-13, 2023, the AASB discussed the Independence Standing Committee’s (ISC) views on the definition of “public interest entity” (PIE). Key areas discussed included (i) the ISC’s overarching development framework; (ii) the categories of entities; and (iii) the exemptions (by size and type).

• Listed Entities and PIEs – AASB

• Sep 12, 2023

• At its meeting on September 12-13, 2023, the AASB unanimously approved narrow-scope amendments to Canadian Auditing Standard (CAS) 700, Forming an Opinion and Reporting on Financial Statements, and CAS 260, Communication with Those Charged with Governance, subject to the International Public Interest Oversight Board’s due process approval of narrow-scope amendments ISA 700 (Revised) and ISA 260 (Revised). Prior to approval, the AASB concluded: (i) through unanimous decision, that re-exposure was not necessary as there are no Canadian amendments in CAS 700 or CAS 260; and (ii) that the narrow-scope amendments will be effective for audits of financial statements for periods beginning on or after December 15, 2024. Once the Auditing and Assurance Standards Oversight Council confirms that the AASB followed due process with proper regard for the public interest, the final narrow-scope amendments will be issued in the CPA Canada Handbook – Assurance in November 2023.

• Listed Entities/PIEs - AASB

• Jun 12, 2023

• At its meeting on June 12-13, 2023, the AASB the following key issues: the proposed final revisions to ISA 700 (Revised), including revisions to application material supporting the conditional requirement for the auditor to disclose the independence requirements applied; and the proposed final revisions to ISA 260 (Revised), including the new requirement for the auditor to communicate with those charged with governance, the independence requirements applied, regardless of whether they were differential independence standards. It also discussed whether any Canadian amendments should be made when adopting the revisions in the equivalent Canadian Auditing Standards (CASs). After discussing the feedback received on its Exposure Draft and the final revisions proposed by the IAASB, the AASB intends to adopt the IAASB’s revisions without Canadian amendments. The AASB plans to approve final revisions to the CASs in September 2023.

• Listed Entities/PIEs - AASB

• Mar 13, 2023

• At its meeting on March 13-14, 2023, the AASB discussed issues related to the IAASB’s narrow-scope amendments project to revise the definitions of “listed entity” and “public interest entity,” including proposed revisions to ISA 700 (Revised) and ISA 260 (Revised). Key issues discussed included: the proposed changes to ISA 700 (Revised) and ISA 260 (Revised); and how the IAASB addressed the feedback provided by the AASB in its response letter to the Exposure Draft.

• Listed Entities and PIES - IAASB

• Dec 05, 2022

• At its meeting on December 5-9, 2022, the IAASB agreed to adopt the IESBA definition of PIE and “publicly traded entity” into the definitions in ISQM 1, ISA 200 and the Glossary of Terms, and including further requirements and application material from the IESBA Code that address the scoping of PIEs. In March 2023, the PIE Task Force intends to present to the Board respondents’ feedback from the public consultation for the proposed narrow scope amendments to ISA 700 (Revised) and ISA 260 (Revised) related to this project.

• Listed Entities and PIEs – AASB

• Nov 28, 2022

• At its meeting on November 28-29, 2022, the AASB discussed issues related to this project. Key issues included: the IAASB’s proposed objective and guidelines for establishing differential requirements for certain entities in the International Standards on Quality Management (ISQMs) and ISAs; the factors and examples in evaluating the extent of public interest of an entity; a case-by-case analysis of extant differential requirements for listed entities in the ISQMs and ISAs; the IAASB adopted the IESBA definition of “public interest entities” (PIE) and “publicly traded entity” into the ISQMs, ISAs, and the Glossary of Terms; and the introductory and application material in the ISQMs and ISAs. The AASB also discussed possible implications in Canada of the proposed revisions, considering the Codes of Professional Conduct that practitioners are required to comply with in Canada are not the same as the IESBA Code. The Board will discuss these implications further at future meetings.

• Listed Entities and PIEs – AASB

• Sep 29, 2022

• At its meeting on September 29, 2022, the AASB discussed feedback received on its Exposure Draft. Key issues included: when auditors should be required to disclose in the auditor’s report the independence requirements they complied with; whether auditors should be required to communicate the independence requirements applied in their communications with those charged with governance; and the potential Canadian amendments to the International Auditing and Assurance Standards Board’s (IAASB) proposed revisions. The AASB also discussed its draft response to the IAASB’s Exposure Draft.

• Listed Entities and PIEs – AASB

• Sep 08, 2022

• At its meeting on September 8-9, 2022, the AASB discussed its draft response to the IAASB’s Exposure Draft. Key issues discussed included: whether the auditor’s report is the appropriate mechanism for publicly disclosing when the auditor has applied relevant ethical requirements for independence for certain entities in performing the audits of financial statements; the proposed revisions to ISA 700 (Revised) and ISA 260 (Revised); whether the IAASB should consider revisions to ISRE 2400 (Revised) to address transparency about the ethical requirements for independence applied for certain entities; and the proposed effective date of the revisions to ISA 700 (Revised) and ISA 260 (Revised). The IAASB’s deadline for comments on its Exposure Draft is October 4, 2022. The AASB will respond by this date.

• Listed Entities and PIES - AASB

• Jul 19, 2022

• At its meeting on July 19, 2022, the AASB discussed issues related to the IAASB’s narrow-scope amendments project to revise the definitions of “listed entity” and “public interest entity”, and other revisions to align with recent changes to the IESBA Code. The AASB discussed: (i) revisions the IAASB made to the proposed changes to ISA 700 (Revised) and ISA 260 (Revised) in finalizing its Exposure Draft; (ii) whether there is a need for Canadian amendments to the wording in ISA 700 (Revised) and ISA 260 (Revised); and (iii) issues related to the Canadian Exposure Draft, including comment period and fatal-flaw review of the French translation. The AASB approved the Exposure Draft. The Exposure Draft is expected to be issued in early August 2022, with a comment deadline of September 16, 2022.

• Listed Entities and PIES - IAASB

• Jun 13, 2022

• At its meeting on June 13-17, 2022, the IAASB discussed and approved an Exposure Draft (ED) for track 1 of its project on listed entity and PIE. The ED proposes narrow scope amendments to ISA 700 (Revised) and ISA 260 (Revised) as a result of the revisions to the IESBA Code that require a firm to publicly disclose when a firm has applied the independence requirements for PIEs. The Exposure Draft will be published in July 2022 for a 90-day public comment period. In December 2022 the PIE Task Force intends to present to the Board proposals for track 2 of the project on listed entity and PIE, including: (i) Whether the IAASB should adopt the IESBA definitions of “publicly traded entity” and PIE; (ii) The objective and guidelines for establishing differential requirements for certain entities in the ISQMs and ISAs; and (iii) Which entities the extant differential requirements for listed entities in the ISQMs and ISAs should apply to, using a case-by-case approach, and consequential considerations for the application and introductory material in these standards.

• Listed Entities and PIES - AASB

• Jun 06, 2022

• At its meeting on June 6-7, 2022, the AASB discussed issues related to the IAASB’s narrow-scope maintenance of standards project on listed entity and public interest entity. The project addresses the IAASB’s actions with respect to recent revisions to the IESBA Code that result from the IESBA project on the definitions of listed entity and public interest entity. Key issues discussed included: (i) the IAASB’s proposed revisions to ISA 700 (Revised) and ISA 260 (Revised); (ii) the content of the IAASB’s draft exposure draft, including the proposed approach to revisions, along with the alternative approach set out in the draft explanatory memorandum; and (iii) the IAASB’s approach to possible revisions to ISRE 2400 (Revised). The AASB also discussed Canadian implications of the IAASB’s project. Canadian practitioners are required to follow Codes of Professional Conduct set by provincial accounting bodies. The Canadian Codes are different from the IESBA Code. They do not use the term “public interest entity” or require the auditor to publicly disclose when differential independence requirements applicable to certain entities have been applied on an audit. Key Canadian issues discussed included: (i) whether the AASB should propose Canadian amendments in adopting the IAASB’s proposed revisions to ISA 700 (Revised) and ISA 260 (Revised); (ii) whether there are any implications to CSRE 2400, which is not adopted from ISRE 2400 (Revised); and (iii) the content and timing of a Canadian exposure draft. The IAASB expects to approve an exposure draft at its June 2022 meeting. The AASB would then approve a Canadian exposure draft shortly after.

• Listed Entities and PIEs - IAASB

• Mar 14, 2022

• At its meeting on March 14-18 and 23, 2022, the IAASB discussed and approved a project proposal to undertake a narrow scope maintenance of standards project on listed entities and PIEs. This project sets out the IAASB’s actions to respond to recent revisions to the IESBA Code as a result of their project on the Definitions of Listed Entity and PIE. The IAASB’s proposed actions include: (i) a limited number of targeted changes to the ISQMs and ISAs; and (ii) developing an objective and guidelines to support the IAASB’s judgments in identifying specific matters for which differential requirements are appropriate in the ISQMs or ISAs. The Board’s will review a preliminary Exposure Draft, which will be presented for discussion and approval at the June 2022 IAASB meeting.

• Definition of Listed Entity and PIE – AASB

• Mar 07, 2022

• At its meeting on March 7-8, 2022, the AASB provided input to the IAASB members from Canada on issues related to the IAASB’s narrow-scope maintenance of standards project on listed entity and public interest entity. Key issues discussed included: (i) the scope of the project, including whether it should focus only on revisions to International Standards on Quality Management (ISQMs) and ISAs; (ii) proposed disclosure about when a firm has applied the independence requirements for public interest entities, including where this disclosure may be made; and (iii) proposed revisions to ISA 260 (Revised), Communication with Those Charged with Governance, regarding communications about independence with those charged with governance.