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Auditor’s Consent to the Use of the Auditor’s Report in Connection with Designated Documents [ED]

Comment period ends on July 31, 2018

Proposed effective date:

The revised Section 7170 would be effective for consents issued on or after June 1, 2019. Earlier application would be permitted.

Next steps:

Deliberate comments received on Exposure Draft in the second half of 2018.

Last up­dated:

May 2018

 

Overview

In June 2017, the AASB approved a project proposal to revise Section 7500, Auditor’s Consent to the Use of the Auditor’s Report in Connection with Designated Documents.

The AASB had intended to withdraw Section 7500 when the Canadian Standard on Association (CSOA) 5000, Use of the Practitioner’s Communication or Name, was issued. However, CSOA 5000 does not address an auditor’s consent to the use of the auditor’s report on an entity’s financial statements filed with securities regulators. Therefore, the AASB has decided to retain and revise Section 7500. The revisions will be limited to documents filed with securities regulators.

 

Other de­vel­op­ments

May 2018

On May 4, 2018, the AASB issued an Exposure Draft of a proposed new standard that deals with an auditor’s consent in connection with designated documents. Stakeholders are encouraged to submit their comments by July 31, 2018.

November 2017

In November 2017, the AASB staff updated this project to indicate that the AASB expects to issue an Exposure Draft in ​Q2/2018.

June 2017

At its meeting on June 12-13, 2017, the AASB approved a project proposal to revise Section 7500, Auditor’s Consent to the Use of the Auditor’s Report in Connection with Designated Documents.

 

Correction list for hyphenation

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