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Section 7060, Auditor Review of Interim Financial Statements

Ef­fec­tive date:

Effective for reviews of interim financial statements for interim periods of fiscal years beginning on or after December 15, 2014, except for subsequent amendments.

Overview

Section 7060, Auditor Review of Interim Financial Statements, deals with the interim review of an entity's interim financial statements by its auditor (an "interim review"). The purpose of an engagement under this Section is to assist the audit committee in discharging its responsibilities with respect to interim financial statements that are to be issued under the provisions of securities legislation such as under National Instrument 51-102, Continuous Disclosure Obligations.

The Section replaces Section 7050 of the same name, and sets out new requirements related to: agreeing the terms of engagement; consideration of materiality; the auditor's inquiries and responses to matters identified; expressing a conclusion on the interim financial statements; and documentation.

His­tory of Sec­tion 7060

Date

De­vel­op­ment

Com­ments

Septem­ber 2014

Issued to replace Section 7050 of the same name.

Effective for reviews of interim financial statements for interim periods of fiscal years beginning on or after December 15, 2014.  See Completed Project.

September 2015

Limited amendments

The AASB unanimously approved revisions to Section 7060. These limited amendments reflect a new streamlined disclosure requirement for venture issuers. The AASB unanimously agreed that exposure was not necessary because the proposed revisions are being made in response to changes in securities law and the required revisions are straightforward. There are no significant alternative choices available to the AASB. Further, the revisions are not expected to result in a change in practice.

November 2015

Limited amendments

Paragraph A22A has been added to remind auditors that references to the interim Management Discussion and Analysis in this Section include quarterly highlights that may be issued by venture issuers in place of the interim Management Discussion and Analysis.

Note: The above sum­mary does not in­clude de­tails of con­se­quen­tial amend­ments made as the re­sult of other pro­jects.

Amendments under consideration

  • None

Correction list for hyphenation

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