Related Discussions

• 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.