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. |
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. |
|
May 2022
|
Relates to conforming amendments to Other Canadian Standards resulting from the approval of CSQM 1. A new requirement in paragraph 5 was introduced. See Completed Project. |
The change is effective for reviews of interim financial statements for interim periods of fiscal years beginning on or after December 15, 2022. |
Note: The above summary does not include details of consequential amendments made as the result of other projects.
Amendments under consideration
- None