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
The AASB discussed the Independence Standing Committee’s (ISC) views on the definition of “public interest entity” (PIE). Key areas discussed included:
- the ISC’s overarching development framework;
- the categories of entities; and
- the exemptions (by size and type).
Other Canadian Standards
The AASB reviewed a summary of outreach activities conducted and feedback received to date on the Exposure Draft, “General Requirements for Sustainability Assurance Engagements,” and discussed its response to the International Auditing and Assurance Standards Board’s (IAASB) Exposure Draft, “Proposed International Standard on Sustainability Assurance (ISSA) 5000, General Requirements for Sustainability Assurance Engagements.” Key issues discussed included:
- estimates and forward-looking information;
- group engagements; and
- the assurance report, including:
- disclosing a summary of the work performed for reasonable assurance in the assurance report; and
- the requirement to disclose the engagement leader’s name.
The response letter to the IAASB was submitted by the comment deadline of December 1, 2023.
Other
The AASB discussed the development of its next strategic plan. Key issues discussed included:
- its strategy for adopting future ISSAs; and
- a first draft of its 2026-2029 Strategic Plan.
The AASB expects to issue a public consultation on its draft 2026-2029 Strategic Plan in spring 2024.