Background
At its December 2024 meeting, the International Auditing and Assurance Standards Board (IAASB) approved a project proposal for the Audit Evidence and Risk Response Project related to:
- International Standard on Auditing (ISA) 330, The Auditor's Responses to Assessed Risks;
- ISA 500, Audit Evidence; and
- ISA 520, Analytical Procedures.
The Integrated Project will modernize these audit standards in response to rapid technological advancements affecting how auditors obtain and evaluate evidence. Interested parties called for a more inclusive approach to address both the framework and performance aspects of audit procedures, emphasizing the need to adapt to evolving information sources and sophisticated audit technologies. Additionally, concerns from regulators highlighted the importance of strengthening auditors’ work on internal controls and exercising professional skepticism when evaluating audit evidence.
Objective
The Audit Evidence and Risk Response Advisory Group will provide input as the AASB reviews proposed revisions to the relevant ISAs. The Group will also assist with other standard-setting initiatives, such as supporting outreach activities and engagement on any eventual Canadian exposure draft.
Responsibilities of the Advisory Group
The Group will support the AASB by:
- identifying key Canadian issues related to topics within the scope of the Audit Evidence and Audit Response Project;
- reviewing IAASB agenda materials;
- determining impacts and issues relevant to Canada, and sharing those views with the AASB;
- assisting with external outreach and engagement; and
- identifying implementation risks and suggesting possible responses.
What’s in it for you
- Make a positive impact – contribute to integrating technology into how practitioners obtain and evaluate evidence.
- Collaborate with others – work alongside a diverse group of key players on shaping the future of audit technology.
- Stay ahead of the curve – share your expertise on standards revisions and gain early insights into upcoming changes before they affect you.
- Gain new perspectives – deepen your understanding of how technological advancements can help practitioners obtain and evaluate evidence.
Composition of the Advisory Group
We invite applicants with expertise in the following areas:
- understanding audit risks and developing appropriate responses through audit procedures;
- addressing practical challenges in obtaining audit evidence;
- using new technology and tools for performing audit procedures;
- understanding recent audit deficiencies in Canadian engagements; and
- developing audit methodologies and implementation guidance.
The Group should include members from the following sectors:
- public sector;
- small-, medium-, and large-sized accounting firms; and
- academia.
We are actively seeking a French-speaking member. We will also prioritize gender diversity and geographic representation from across Canada, as well as inclusion of Indigenous Peoples and minority groups, during the recruitment process.
Commitment
Members are appointed for the duration of the Integrated Project, ensuring continuity of experience and knowledge through the approval of final standards and the subsequent Canadian equivalent. The approval is expected in June 2027.
Members of the Group will need to commit an average of five hours each quarter to prepare and attend meetings. All meetings will be held virtually.
We value diversity and are committed to cultivating an inclusive, accessible environment where our volunteer base feels respected, valued, and supported and is reflective of the Canadians we serve.
How to apply
Interested? Please submit an expression of interest and a curriculum vitae (as an attachment on our web form) outlining:
- your interest in the role; and
- your strengths and capabilities relevant to the role.
The AASB encourages all qualified candidates to apply online. If you require a disability-related accommodation to participate in our volunteer recruitment process, please email us at [email protected] and we’ll be happy to work with you to meet your needs as they relate to interviewing for these volunteer positions.