Meeting Minutes
The Auditing and Assurance Standards Oversight Council (AASOC) met on June 13, 2024, and was hosted in a hybrid format.
Call to Order and Opening Remarks
An in-camera session for council members was held from 2:00 p.m. to 2:30 p.m. (EST). Kevin Nye, Chair of AASOC, called the meeting to order at 2:30 p.m. (EST). Mr. Nye recognized this meeting as being the final meeting of AASOC before oversight of the standard-setting boards transitions to the Reporting and Assurance Standards Oversight Council on July 1, 2024. Members and staff were recognized and thanked for their contributions to the council over the years.
Approval of Minutes
The minutes of April 9, 2024, were approved as presented.
AASB Chair’s Report and Update
Bob Bosshard, Chair of the AASB, gave a verbal update on the AASB’s activities since April. Key focus areas included outreach activities on the Exposure Draft, “Proposed Amendments to Canadian Auditing Standard 240, The Auditor's Responsibilities Relating to Fraud in an Audit of Financial Statements. ”Outreach included field testing on seven engagement files, four written response letters, and over 15 engagement opportunities. The AASB recently responded to the International Auditing and Assurance Standard Board’s (IAASB) Exposure Draft, “Proposed International Standard on Auditing (ISA) 240 (Revised): The Auditor's Responsibilities Relating to Fraud in an Audit of Financial Statements.
Work continues on Sustainability Assurance by reviewing and providing input on the IAASB’s revisions to the International Standard on Sustainability (ISSA) 5000, General Requirements for Sustainability Assurance Engagements. The standard is anticipated to be approved by the IAASB in September and the AASB in December. Progress has been made on the Canadian amendments to the Ethics and Indigenous matters. Additional outreach is needed on the Indigenous amendment. A follow-up meeting with the First Nations Financial Management Board occurred in May. The AASB wants to expand its engagement network, including the Public Sector Accounting Board’s Indigenous Advisory Group, in the coming months.
Finally, Mr. Bosshard shared an update on the domestic standard Canadian Standard on Related Services 4250, Compilation Standard on Future-oriented Financial Information and Pro Forma. This replaces an existing guideline with a broader scope. The approved the at its recent meeting. It will be exposed for comment in September for a period of approximately 90 days.
The council discussed the work of sustainability reporting by the Canadian Sustainability Standards Board.
The council stated that the AASB’s position on the International Standard on Auditing for Audits of Financial Statements of Less Complex Entities (known as the ISA for LCE) was a thoughtful and sensitive approach and congratulated the Board.
Adjournment
Having no further public business, the meeting at 2:46 p.m.