News Listings

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.

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.

The Board discussed IAASB’s issues on Audit Evidence, Fraud, Listed Entity/Public Interest Entity – Track 2, and IAASB’s Strategy and Work Plan. The Board also discussed its Annual and Strategic Plan, Terms of Reference, Statement of Operating Procedures, and Due Process Manual. Read the Decision Summary for full details.

The Board discussed the Independence Standing Committee’s views on the “public interest entity” (PIE) definition and the Board’s next strategic plan. The Board also reviewed outreach and feedback summaries on the Exposure Draft, “General Requirements for Sustainability Assurance Engagements,” and its response letter to the IAASB. Read the Decision Summary for full details.

At the September 12-13, 2023, Board meeting the AASB approved narrow-scope amendments to CAS 700, Forming an Opinion and Reporting on Financial Statements, and CAS 260, Communication with Those Charged with Governance, subject to the PIOB’s due process certification. The PIOB has now certified the IAASB’s due process for ISA 700 (Revised) and ISA 260 (Revised) and the IAASB has released the final standards. The narrow-scope amendments to CAS 700 and CAS 260 will become effective for audits of financial statements for periods beginning on or after December 15, 2024. The narrow-scope amendments were issued in the Handbook in November 2023.

This FAQ addresses investigating exceptions and the concept of performance materiality when using automated tools and techniques while executing auditing procedures. Read for full details.

The Implementation Guide provides a summary of the revised CAS 600 requirements, practical considerations for complying with the requirements, and more. Reference this helpful resource for help understanding and applying the revised standard when involved in a group audit, whether as the group auditor or a component auditor for the group audit engagement. Read for full details.   

The AASB is seeking input on the CSSA 5000 Exposure Draft from all interested and affected parties, especially those who perform assurance engagements over sustainability information, preparers of sustainability disclosures, and other users of the assurance report. Respond to our short surveys today!