Meetings and Events

The Board discussed issues related to the IAASB’s project on Audit Evidence, Audits of Less Complex Entities, Group Audits, and Extended External Reporting. It received an update on internal activities and next steps to respond to the evolving needs of stakeholders for assurance on information beyond the financial statements. The Board also reviewed the assumptions and process for developing the 2021-2022 Annual Plan.

The Board discussed recent work performed by the Audits of Less Complex Entities Advisory Group and elements of a possible project proposal to revise or replace AuG-16, Compilation of a Financial Forecast or Projection. It also discussed its approach to issuing an exposure draft on conforming amendments to other Canadian standards as a result of its approval of CSQM 1. 

The Board reviewed a draft response letter to the IAASB Discussion Paper on Fraud and Going Concern in an Audit of Financial Statements and discussed its project on Quality Management. It also reviewed performance assessments for its 2020-2021 Annual Plan and 2016-2021 Strategic Plan.

The Board reviewed draft response letters to the IAASB Discussion Paper on Fraud and Going Concern and the IFRS Foundation Trustees Consultation Paper on Sustainability Reporting. The Board also discussed the recommendations in the Monitoring Group publication Recommendations to Strengthen the International Audit and Ethics Standard Setting System.

The Board discussed considerations related to the IAASB’s draft project proposal for Audits of Less Complex Entities and Audit Evidence and issues related to the IAASB’s project on Extended External Reporting and Group Audits. It also discussed Canadian specific considerations related to adopting the new firm-level Quality Management standard. Read the full Decision Summary for details.

The Board reviewed stakeholder feedback received on the AASB Exposure Draft – Audits of Group Financial Statements (Including the Work of Component Auditors) as well as a draft response letter to the IAASB Exposure Draft. It discussed issues related to the IAASB’s project on Quality Management at the Firm and Engagement Level and Extended External Reporting. The Board also reviewed a second draft of its 2022-2025 Draft Strategic Plan, which reflects the implications of the COVID-19 pandemic on the AASB’s strategic directions. Read the full Decision Summary for details.

The Board reviewed a draft response letter to IASB Exposure Draft, General Presentation and Disclosures. It also discussed the impact of COVID-19 on its Draft Strategic Plan and how to reflect this in the Plan. Read the full Decision Summary for details.

The Board continued discussions of its draft response letter on the IAASB Consultation Paper on Extended External Reporting. It also discussed its current planned activities for emerging technology, fraud and going concern, and the evolving assurance needs of stakeholders. Read the full Decision Summary for details.

The Board discussed issues related to the International Auditing and Assurance Standards Board (IAASB) projects on Audit Evidence, Audits of Less Complex Entities and Quality Management. It also continued discussions of its draft response letter to the IAASB Consultation Paper, Extended External Reporting (EER) Assurance. Read the full Decision Summary for details.

The Board discussed key points to raise in an AASB response letter to the IASB Exposure Draft, General Presentation and Disclosures. It also reviewed a draft response letter to the Canadian Securities Administrators Proposed National Instrument 52-112, Non-GAAP and Other Financial Measures Disclosure. Read the Decision Summary for full details.