Auditing and Assurance Standards Board

The AASB discussed Going Concern, Listed Entity/Public Interest Entity Track-2, Integrated Project, Technology Position, Audits of Less Complex Entities, Compilations of Future-oriented Financial Information, Sustainability Assurance, and more. Read the decision summary for full details.

The AASB approved two exposure drafts: Fraud and Listed Entity/Public Interest Entity Track-2. It discussed the draft 2024-2025 Annual Plan and the Compilations of Future-oriented Financial Information project. The Board received a presentation from the Practice Inspection Programs Standing Committee. Read the decision summary for full details.

Canada’s reporting and assurance oversight councils are pleased to announce the establishment of the Reporting & Assurance Standards Oversight Council (the Oversight Council), an important step towards enhancing standard-setting efficiency and connectivity in Canada.   

The International Auditing and Assurance Standards Board (IAASB) issued its Exposure Draft on the proposed revisions to International Standard on Auditing (ISA) 240 (Revised), The Auditor's Responsibilities Relating to Fraud in an Audit of Financial Statements. The revisions are focused on clarifying the auditor’s responsibilities regarding fraud, enhancing the robustness of the required auditor’s procedures, and reporting on fraud in an audit of financial statements. Submit your comments on the IAASB’s Exposure Draft by June 5, 2024, and provide a copy of your response to the AASB at [email protected].

Thank you for your response to the AASB’s Exposure Draft, “Proposed Canadian Standard on Sustainability Assurance (CSSA) 5000, General Requirements for Sustainability Assurance Engagements.” We are now reviewing the feedback we received as we work towards the approval of the new CSSA 5000. Read more about the results of our consultation, including main feedback themes, who we heard from, and what’s next.