Related Discussions

• Assurance on Integrated Reporting and Other EER – IAASB

• Dec 07, 2020

• At its meeting on December 7-11, 2020, the IAASB discussed the revisions made to the proposed EER Assurance Non-authoritative Guidance. The EER Task Force will present a final draft of the proposed EER Guidance for IAASB approval at the March 2021 IAASB meeting.

• Assurance on Integrated Reporting and Other EER - AASB

• Nov 30, 2020

• At its meeting on November 30/December 1, 2020, the AASB provided input to the IAASB members from Canada on issues relating to the IAASB’s revised Non-Authoritative Guidance on Applying ISAE 3000 to Extended External Reporting Assurance Engagements. Key issues discussed included: (i) clarifying in the guidance what audit or assurance standards apply when an audit or review of historical financial information is necessary due to an Extended External Reporting (EER) framework, standard or regulation; and (ii) whether the term “criteria” should be used in the context of identifying reporting topics.

• Assurance on Integrated Reporting and Other EER – IAASB

• Sep 14, 2020

• At its meeting on September 14-23, 2020, the IAASB received an overview of the comment letters received on the March 2020 EER Assurance Consultation Paper. The Board discussed respondents’ comments on the Consultation Paper and the EER Task Force’s proposals for addressing the comments. A revised draft of the Non-Authoritative – EER Assurance will be presented to the Board at the December 2020 IAASB meeting, with a view to finalization in March 2021.

• Assurance on Integrated Reporting and other EER – AASB

• Sep 09, 2020

• At its meeting on September 9-10 and 23, 2020, the AASB discussed and provided input to the IAASB members from Canada on issues related to the IAASB proposals that address the comments from respondents on the Public Consultation Paper, “Proposed Non-Authoritative Guidance Extended External Reporting (EER) Assurance.”

• Assurance on Integrated Reporting and other EER – AASB

• Jun 08, 2020

• At its meeting on June 8-9, 2020, the AASB continued discussing its draft response letter to the IAASB Public Consultation Paper.” The Board will review the other sections of the draft response in July 2020 before submitting a final letter to the IAASB in mid-July 2020.

• Assurance on Integrated Reporting and other EER – AASB

• May 12, 2020

• At its meeting on May 12, 2020, the AASB discussed a portion of its draft response letter to the International Auditing and Assurance Standards Board’s (IAASB) Public Consultation Paper, “Proposed Non-Authoritative Guidance Extended External Reporting (EER) Assurance.” The Board will review other sections of the draft response in June and July 2020 before submitting a final letter to the IAASB in mid-July 2020.

• Assurance on Integrated Reporting and Other EER – IAASB

• Dec 03, 2019

• At its meeting on December 9-13, 2019, the IAASB approved the combined restructured and redrafted non-authoritative EER Guidance, Special Considerations in Performing Assurance Engagements on Extended External Reporting, for public consultation. The consultation period will be 120 days from the date of publication. In finalizing the draft Guidance for public consultation, the Board agreed to emphasize that the guidance is non-authoritative and is not required to be read in its entirety, but is a useful reference source in applying particular requirements of the Standard. The Board also clarified the possible approaches to the use of framework criteria and entity-developed criteria and included additional guidance on fraud and on misstatements that might affect the practitioner’s assessment of the control environment.

• Assurance on Integrated Reporting and other EER – AASB

• Dec 02, 2019

• At its meeting on December 2-3, 2019, the AASB discussed its approach for responding to the IAASB’s document for comment, “Special Considerations in Performing Assurance Engagements on Extended External Reporting.” The IAASB expects to approve this document at its December 2019 meeting.

• Assurance on Integrated Reporting and other EER – IAASB

• Sep 16, 2019

• At its meeting on September 16-20, 2019, the IAASB received an overview of the comment letters received on the EER Assurance Consultation Paper. The Board discussed respondents’ comments on the Consultation Paper, that included the draft Phase 1 guidance, and the EER Task Force’s proposals for addressing the comments. The Board also discussed the initial drafting of the Phase 2 guidance developed to date by the EER Task Force. A revised draft of the combined Phase 1 and Phase 2 guidance will be presented to the Board, for approval of an Exposure Draft at the December 2019 IAASB meeting.

• Assurance on Integrated Reporting and other EER – AASB

• Sep 09, 2019

• At its meeting on September 9-10, 2019, the AASB discussed its approach to responding to the IAASB’s material on non-authoritative guidance related to Emerging External Reporting, expected to be issued in January 2020. In this regard, the AASB decided to form an Advisory Group to support staff and the Board in reviewing and responding to materials issued by the IAASB. The Advisory Group will help identify key issues related to the evolution of audit in response to environmental changes in Canada.

• Assurance on Integrated Reporting and other EER – IAASB

• Jun 17, 2019

• At its meeting on June 17-21, 2019, the IAASB was updated on the work of the EER Task Force on the challenges allocated to Phase 2 of the project. These challenges include: determining the scope of an EER assurance engagement; obtaining evidence in respect of narrative and future-oriented information; exercising professional skepticism and professional judgment; obtaining the competence necessary to perform the engagement; and communicating effectively in the assurance report. The Board discussed views on the EER Task Force’s initial proposals to address each of these challenges in the Phase 2 guidance. The EER Task Force will consider the inputs received from the Board, together with responses to the Phase 1 EER Consultation Paper in so far as they impact the Phase 2 guidance, in developing the draft Phase 2 guidance, which will be presented for discussion at the September 2019 IAASB meeting.

• Assurance on Integrated Reporting and other EER – AASOC

• Jun 13, 2019

• At its meeting on June 13-14, 2019, the AASOC received a presentation from Mr. Richard Talbot who is currently a Senior Advisor to the CFA Societies of Canada and was most recently the Chief Operating Officer of RBC Capital Markets. The Chair noted that Mr. Talbot and Mr. Tom Trainor, Managing Director, Hanover Private Client Corporation, have been leading a Canadian initiative on Alternative Performance Measures. Mr. Talbot informed the Council of concerns that audited financial statements are losing their relevance. Investors are increasingly allocating capital using unaudited information, or APMs, that is not covered by GAAP. In speaking to a group of senior investors, Mr. Talbot reported that they stated that 15 to 20 per cent of the information investors use to make their investing decisions are obtained from the audited financial statements. Mr. Talbot noted that APMs are different from GAAP information because they are typically sector-specific and, therefore, requiring the standard setters to know the subject industry in detail. He informed AASOC that the Alternative Performance Measures Working Group was created in May 2018 at the suggestion of the Governor of the Bank of Canada. The Group’s goal is to develop a set of industry-specific standards that can be implemented and ultimately improve corporate disclosures. The Group will form industry-specific teams that will utilize a collaborative approach with an agile cycle time. Mr. Talbot invited the AASB to support this initiative by being represented on the Group.

• Assurance on Integrated Reporting and other EER – IAASB

• Mar 11, 2019

• At its meeting on March 11-15, 2019, the IAASB discussed several challenges related to Phase 2 of the guidance. The challenges include: (i) determining the scope of an EER assurance engagement; (ii) communicating effectively in the assurance report; (iii) exercising professional skepticism and professional judgment; (iv) obtaining the competence necessary to perform the engagement; and (v) obtaining evidence in respect of narrative and future-oriented information. The Board’s deliberations of the challenges concerned were facilitated through breakout sessions, after which each breakout group reported back to the Board in a plenary session. The EER Task Force will consider the inputs that were received in progressing the development of Phase 2 of the guidance for further discussion at the June 2019 IAASB meeting.

• Assurance on Integrated Reporting and other EER – IAASB

• Dec 10, 2018

• At its meeting on December 10-14, 2018, the EER Task Force presented an updated version of the Phase 1 draft guidance, which reflects changes to address feedback received from the IAASB at the September 2018 IAASB meeting, and from other stakeholders, including in relation to a ‘materiality process’ and assertions as they relate to the characteristics of suitable criteria. The Board noted that the draft guidance had significantly improved since discussions at the September 2018 meeting, but that further work on the drafting is required. The Board will discuss a further version on a teleconference in January 2019 before the draft guidance is published for public comment.

• Assurance on Integrated Reporting and other EER – IAASB

• Sep 17, 2018

• At its meeting on September 17-21, 2018, the EER Task Force presented to the IAASB the remaining Phase 1 ‘issues’ that were not presented in June alongside a first draft of the Phase 1 guidance. The Board noted the need for the guidance to demonstrate its full alignment with the requirements of ISAE 3000 (Revised), and for the EER Task Force to provide further explanations about any guidance that goes beyond the requirements and application material in ISAE 3000 (Revised). The EER Task Force expects to receive further input from stakeholders during its forthcoming series of discussion events and will present a revised draft of the guidance to the IAASB in December 2018.

• Assurance on Integrated Reporting and other EER– IAASB

• Jun 18, 2018

• At its meeting on June 18-23, 2018, the IAASB was presented with an issues paper summarizing the work of the Task Force relating to three of the Ten Key Challenges in undertaking assurance engagements over EER. The Board discussed the ‘generalized construct’ of an EER report and its relationship to assurance concepts, before considering issues relating to the challenges of Applying Materiality, Evaluating the Suitability of Criteria, and Building Assertions. The Board expressed broad support for the approach being taken by the Task Force to date and commented on the issues presented. The Board also agreed with the Task Force’s suggestion to publish the non-authoritative guidance in the form of an International Assurance Engagements Practice Note (IAEPN). The remaining challenges allocated to Phase 1 of the project will be presented for discussion in September 2018, along with a first draft of the guidance relating to these challenges.

• Assurance on Integrated Reporting - IAASB

• Mar 12, 2018

• At its meeting on March 12-16, 2018, the IAASB received an update on work completed by the EER Task Force to date. This included understanding the conceptual and contextual background of EER reporting frameworks, as well as discussions to start developing the non-authoritative guidance for applying ISAE 3000 (Revised) in respect of the materiality challenge. The IAASB expressed support for the work completed so far, and provided helpful comments and feedback on the areas presented during the meeting. There was also support for the detailed planning for the project that has been undertaken, as well as for the recently established EER Assurance Project Advisory Panel (PAP). The project will be discussed further in June 2018.

• Assurance on Integrated Reporting - IAASB

• Dec 11, 2017

• At its meeting on December 11-15, 2017, the IAASB received an update on the project. It was noted that the grant agreement with the World Business Council for Sustainable Development (WBCSD) was finalized for the funding of the project and that the Project Proposal and Feedback Statement has been finalized to be published on the IAASB’s website. The Board also received an update on the plan for developing the framework for the non-authoritative guidance for EER during the next year, including the required research to be gathered and the establishment of a Project Advisory Panel

• Assurance on Integrated Reporting - IAASB

• Oct 24, 2017

• At its meeting on October 24-26, 2017, the IAASB approved a Project Proposal to develop non-authoritative guidance to address key challenges, identified by the IAASB, which arise in the performance of assurance engagements over emerging forms of external reporting. The Board noted and supported the proposed resourcing model for the project, which would involve grant funding from the World Business Council for Sustainable Development, and discussed the nature and importance of the arrangements established to secure the independence of the IAASB. The Board also agreed to publish a Feedback Statement setting out a high-level summary of the responses to the Integrated Reporting Working Group’s Discussion Paper: Supporting Credibility and Trust in Emerging Forms of External Reporting-Ten Key Challenges for Assurance Engagements.

• Assurance on Integrated Reporting - IAASB

• Mar 14, 2016

• At its meeting on March 14-18, 2016, the IAASB agreed to move forward with the issuance of a Discussion Paper for public comment by the IRWG and suggested further areas for clarification to the draft that was presented. The Board agreed with the framework-neutral approach that had been taken in the draft, which considers the topic of Integrated Reporting within Emerging Forms of External Reporting (EER), as well as professional services in the broader context of credibility and trust. The Board will consider a revised draft of the Discussion Paper at its June 2016 meeting for issuance by the Working Group thereafter.

• Assurance on Integrated Reporting - IAASB

• Sep 21, 2015

• At its meeting on September 21-25, 2015, the Chair of the IRWG reported to the IAASB on the Working Group’s activities, including the issue of its publication on assurance on Integrated Reporting in July 2016 and the way forward for the IRWG’s activities. The Board expressed broad support for the IRWG’s planned activities for 2016 and raised additional matters for the IRWG to consider in its information-gathering activities towards developing a Discussion Paper to be issued for public comment.