News Listings

The AASB has developed guidance to address the impact on Canadian Auditing Standards and Canadian Standard on Review Engagements of certain narrow-scope amendments made to IAS 1, Presentation of Financial Statements.

The Board discussed developing a new Canadian Standard on Related Services on compilations of future-oriented financial information and approved a Canadian Project Proposal for sustainability assurance. It also discussed annual planning, the Strategic Plan 2022-2025, and more. Read the Decision Summary for full details.

The International Auditing and Assurance Standards Board published guidance to help users understand the impact of revisions to International Accounting Standard (IAS) 1, Presentation of Financial Statements on International Standards on Auditing (ISAs). The AASB also revised the Canadian Auditing Standards (CASs) and will issue guidance on those changes to the CASs in early 2023.

Are you interested in hearing about the proposed changes to CAS 500, Audit Evidence? Watch the recorded webinar, hosted by CPA Canada, to learn about the subject from members of the AASB’s Audit Evidence Advisory Group.

The Board discussed issues related to the IAASB’s projects on Audits of LCEs, Fraud, Going Concern, Listed Entity/PIE, Sustainability, and more. The Board approved the final JPS with Actuaries and received a presentation from CPAB. Read the full decision summary for more details.

Share your views on the revisions to CAS 500, Audit Evidence. The proposed changes are now available for stakeholders to provide input. Read the full proposed standard and the related conforming and consequential amendments and respond to the Exposure Draft by March 15, 2023.

The Board discussed the IAASB’s project to revise ISA 500, Audit Evidence, revisions to IAS 1 to necessitate revisions to the CPA Canada Handbook – Assurance, and the emerging issues in the audit and assurance environment. The AASB also discussed establishing a Sustainability Assurance Committee, and more. Read the Decision Summary for full details. 

The International Auditing and Assurance Standard Board (IAASB) issued non-authoritative guidance, Reporting Going Concern Matters in the Auditor’s Report. This guidance addresses some of the common questions in relation to the use of and the interrelationship of Material Uncertainty Related to Going Concern and Key Audit Matters sections, and Emphasis of Matter paragraphs, in the auditor’s report prepared in accordance with International Standards on Auditing (ISAs). Read for full details.

The International Auditing and Assurance Standards Board (IAASB) issued its Exposure Draft of International Standard on Auditing (ISA) 500, Audit Evidence and the related proposed conforming and consequential amendments to other ISAs. The standard provides a “reference framework” for auditors when making judgments about audit evidence throughout the audit. The IAASB invites all stakeholders to comment on the Exposure Draft via the IAASB website. Comments are requested by April 24, 2023.

In 2022, an independent research study on KAM reporting was undertaken to gain further insights on the Canadian experience. Lessons learned from the research study can be found here.