News Listings

The Board discussed the IAASB’s projects on Fraud (ISA 240), Listed Entity/Public Interest Entity-Track 1, Audits of Financial Statements of LCEs, and Sustainability Assurance (ISSA) 5000. It also received updates on its Strategic Plan 2022-2025, Standards Forward Timeline, CPA Canada’s Research Guidance and Assurance, and the final report on IRCSS. Read the Decision Summary for more.

Interested in learning more about the proposed changes to CAS 570 and ISA 570? Watch the recorded AASB and CPAB webinar, hosted by CPA Canada, to learn about going concern considerations in the current macroeconomic and geopolitical environments, and the recent Exposure Draft on CAS 570, Going Concern.

The AASB discussed issues related to the project to develop a Canadian Standard on Related Services (CSRS) on compilations of future-oriented financial information that will replace AuG-16, Compilation of a Financial Forecast or Projection and held an education session on Sustainability Assurance. Read the Decision Summary for full details. 

The Board recently submitted feedback on the IAASB’s Proposed Strategy and Work Plan for 2024-2027. Read the response letter to learn more.

Share your views on the AASB’s Exposure Draft, “Proposed Amendments to CAS 570, Going Concern”. Read the full proposed standard and the related conforming and consequential amendments, and respond to the Exposure Draft by July 31, 2023.

The Board recently submitted a response letter to the IAASB on the Exposure Draft, ISA 500, Audit Evidence. Read the response letter to learn more.

The Board submitted a comment letter responding to the IAASB’s Exposure Draft, Proposed Part 10, Audits of Group Financial Statements of the Proposed ISA for Audits of Financial Statements of Less Complex Entities. The IAASB plans to approve the final ISA for LCE before the end of the year. Consistent  with our report, “Audits of Less Complex Entities – Our Progress Toward a Solution”, we will continue to monitor and provide input to the IAASB’s as we work towards providing solutions in this area. Read the response letter for full details.

At its April meeting, the IAASB confirmed its intention to advance the consultation on its proposed new standard for sustainability assurance, International Standard on Sustainability Assurance (ISSA) 5000, General Requirements for Sustainability Assurance Engagements. Subject to the expected IAASB approval of the exposure draft in June, stakeholders can now expect the public consultation on the proposed standard to open in the latter part of July or early August 2023 and extend into December 2023. The AASB will be coordinating our exposure period to overlap with the IAASB’s exposure draft period.

In response to the IAASB’s approval of the project proposal for the development of an overarching sustainability assurance standard, ISSA 5000, the AASB has established the Sustainability Assurance Committee to enhance its technical expertise in this area and support the Board’s sustainability assurance projects. Learn more about the Committee. 

We are committed to serving the public interest by effectively responding to the needs of interested and affected parties. Read about the AASB’s 2022-2023 activities and accomplishments in this year’s Annual Report.