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Agreed-Upon Procedures (Possible Amendments to Section 9100) [Research]

Next steps:

The AASB expects to approve an Exposure Draft in the first half of 2019.

Last up­dated:

July 2018

Overview

The objective of this project is to update Section 9100, Reports on the Results of Applying Specified Auditing Procedures to Financial Information Other than Financial Statements, which was written several years ago. 

The project will address

  1. whether an umbrella standard is needed for agreed-upon procedures engagements;
  2. whether the concept that an agreed-upon procedures engagement does not result in the provision of assurance is still appropriate;
  3. whether a practitioner should be required to use professional judgment when determining or modifying the procedures to be performed;
  4. whether the practitioner should apply materiality to design procedures or assess factual findings; and
  5. the form and content of the practitioner’s report.

Importantly with respect to the direction of this project, at its meeting on October 16-18, 2017, the AASB unanimously approved a project proposal to consider adopting (if appropriate) the revised ISRS 4400, Engagements to Perform AgreedUpon Procedures Regarding Financial Information, for use in Canada. If adopted, CSRS 4400 would replace existing standard Section 9100, Reports on the Results of Applying Specified Auditing Procedures to Financial Information Other than Financial Statements.

 

Other developments

July 2018

In July, 2018, the staff of the AASB updated the information in respect of this project to advise that the AASB expects to approve an Exposure Draft in the first half of 2019.

June 2018

In June 2018, the AASB staff updated this project to indicate that the AASB expects to issue an exposure draft in Q2/2019.

December 2016

On December 20, 2016, the AASB issued an Invitation to Comment on the IAASB’s Discussion Paper, which explores agreed-upon procedures engagements performed either as a stand-alone engagement or in combination with other engagements. Comments to the AASB must be received by February 10, 2017.

November 2016

On November 29, 2016, the IAASB issued a Discussion Paper exploring how agreed-upon procedures engagements are undertaken and reports are used. It also explores the demand for engagements that combine reasonable, limited and no assurance. Canadian stakeholders are encouraged to respond to the IAASB by March 29, 2017.

October 2016

In October 2016, the AASB staff updated this project to advise that the AASB expects to issue an Invitation to Comment in Q1/2017.

July 2016

In July 2016, the staff updated this project to indicate that the AASB now expects to issue an Invitation to Comment in Q4/2016.

March 2016

In March 2016, the AASB staff updated this project to advise that the AASB expects to issue an Invitation to Comment in Q3/2016.

February 2016

In February 2016, the AASB staff updated this project to advise that the AASB expects to issue an Invitation to Comment in Q4/2016.

 

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