News Listings

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.

As the second year of the pandemic continued, the AASB forged ahead with its standard setting initiatives. The Board’s dedication to standard-setting and serving the public interest was demonstrated through its robust performance and achievement of this year’s Annual Plan. Read about the AASB’s 2021-2022 activities and accomplishments in this year’s Annual Report.

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 International Auditing and Assurance Standard Board (IAASB) issued non-authoritative guidance, The Fraud Lens – Interactions Between ISA 240 and Other ISAs. This guidance illustrates the relationship between International Standard on Auditing (ISA) 240, The Auditor's Responsibilities Relating to Fraud in an Audit of Financial Statements, and other ISAs when planning and performing an audit engagement and reporting thereon.

Read this non-authoritative guidance for full details

The AASB joined CPAB in a webinar discussion on the auditor’s responsibilities related to fraud in an audit and considerations for the Canadian environment, and the IAASB’s proposed changes to ISA 240. Watch in English or French to hear about our views on this important topic! 

At the March 7-8, 2022, Board meeting, the AASB approved CAS 600, Special Considerations – Audits of Group Financial Statements (Including the Work of Component Auditors), subject to the PIOB’s due process approval. The PIOB has now confirmed due process for ISA 600 (revised) and the IAASB has released ISA 600 (revised). CAS 600 will become effective for audits of group financial statements for periods beginning on or after December 15, 2023. CAS 600 is anticipated to be issued in the Handbook in August 2022.

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!

The AASB Annual Plan details the Board’s activities and project milestones set for 2022-2023. Read more about how we will remain committed to serving the public interest and our stakeholders.