News Listings

The Board discussed its draft response to the IAASB’s Exposure Draft, “Proposed Narrow Scope Amendments to ISA 700 (Revised), Forming an Opinion and Reporting on Financial Statements, and ISA 260 (Revised), Communication with Those Charged with Governance.” It also discussed issues related to Audit Evidence, Fraud, Going Concern, Sustainability, and more. Read the full Decision Summary for details.

The AASB has provided an update on its progress to finding a solution for practitioners in applying Canadian Auditing Standards to audits of less complex entities. Read the Report for full details.

The Board discussed the process for engaging interested and affected parties on standard setting projects, revisited its 2022-2023 Annual Plan, approved the exposure draft related to Listed Entity/Public Interest Entity, and more. Read the Decision Summary for full details.

Read our In Brief for an overview of the Exposure Draft, Joint Policy Statement Concerning Communications between Actuaries Involved in the Preparation of Financial Statements and Auditors. You can share your feedback on this joint Exposure Draft by the AASB and the Canadian Actuarial Standards Board by September 19, 2022. 

The AASB discussed a letter received from a stakeholder about the effective date of CSQM 1 and approved an Exposure Draft of a revised Joint Policy Statement with Auditors and Actuaries. The Board also discussed a new Canadian standard on FOFI and the IAASB’s activities related to Audit Evidence, Fraud, Going Concern, Sustainability Reporting, and more. Read the Decision Summary for full details.

Sustainability standard setting is at a pivotal juncture, with the first draft standards issued for public comment by the ISSB. Watch our 15-minute, on-demand webinar for an overview of the ISSB and their inaugural Exposure Drafts, the different ways you can participate in this consultation period to inform Canada’s response, and how to stay up to date on the latest developments on sustainability standards.

As the pace of progress in sustainability disclosures continues to accelerate, the Accounting Standards Oversight Council (AcSOC) and Auditing and Assurance Standards Oversight Council (AASOC) mutually approved the formation of the Canadian Sustainability Standards Board (CSSB). Read the media release to learn more about what this means for Canada.

The Board discussed issues related to the IAASB’s proposed International Standard on Auditing (ISA) 500, Audit Evidence. It also reviewed the first draft of the Exposure Draft on Joint Policy Statement with Auditors and Actuaries and discussed other issues.

The AASB approved Quality Management – Conforming Amendments and CAS 600, Special Considerations – Audits of Group Financial Statements (including the work of Component Auditors) and the related conforming amendments. The Board also provided IAASB members with input from Canada on issues related to Audit Evidence, Fraud, Going Concern, and Listed Entity and Public Interest Entity. The Board approved its 2022-2023 Annual Plan and its 2021-2022 Performance Assessment. Read the summary for more details!

AASOC is pleased to announce new members, re-appointed members, and thank those who are retiring. Read the appointments page for full details.