This summary of decisions of the Auditing and Assurance Standards Board (AASB) has been prepared for information purposes only. Decisions reported are tentative and reflect only the current status of discussions on projects and other matters, which might change after further deliberations by the AASB. Decisions to publish exposure draft and Handbook material are final only after a formal voting process.
Canadian Auditing Standards
Audit Evidence
The AASB discussed the International Auditing and Assurance Standards Board’s proposed International Standard on Auditing (ISA) 500, Audit Evidence. Key issues discussed included:
- how persuasiveness relates in determining sufficient and appropriate audit evidence;
- presenting biases that impact the auditor; and
- clarifying the use of remote observation as an audit procedure.
Joint Policy Statement (JPS) with Auditors and Actuaries
The AASB reviewed the first draft of the exposure draft. Key issues discussed included:
- proposed changes to enhance the clarity of the JPS; and
- the comment period for the exposure draft.