Top Stories

At its public meeting in Toronto, the Council discussed the activities of the AASB and other related matters. The Council also received an update on the activities of its Performance Review Committee, as well as the Independence Standing Committee. Read the full report for more information.

The Board discussed topics such as IFRS® Standards, contributions, pension plans, and its next strategic plan, among others.

The Board discussed Agreed-upon Procedures, Quality Management, and its Strategic Plan for 2021-onwards. It also reviewed a second draft of its 2020-2021 Annual Plan. Read the Decision Summary for full details.

The International Auditing and Assurance Standards Board (IAASB) released International Standard on Auditing (ISA) 315 (Revised 2019). It is an important part of the IAASB’s efforts to improve global audit quality and keep up with the evolving environment in which businesses operate. It becomes effective for financial statement audits for periods beginning on or after December 15, 2021.

The AASB approved a new standard on compilation engagements for release in February 2020. The impact could be significant to practitioners and users. Read about some of its key features.

The Board discussed several topics during this two-day meeting, including Identifying and Assessing the Risks of Material Misstatement, Public Sector Auditing Standards, and Quality Management. It also discussed its 2020-2021 Annual Plan. Read the Decision Summary for full details.

The IAASB recently issued an Exposure Draft, Conforming Amendments to the IAASB International Standards as a Result of the Revised IESBA Code. The AASB is considering appropriate revisions to Canadian standards and will issue its own exposure draft in January 2020. Stakeholders are encouraged to respond to the IAASB by January 10, 2020.

Update – AASB Expands Key Audit Matter Reporting

The AASB received valuable feedback on its Exposure Draft, Communication of Key Audit Matters in the Auditor’s Report. After reviewing the feedback received, the AASB agreed to require key audit matter reporting for other listed entities, excluding listed entities required to comply with National Instrument 81-106. Read the article for full details.

At its recent meeting, the Committee discussed a number of topics including Contributions, Employee Future Benefits, the AcSB’s research on the not-for-profit sector, and much more.

At its public meeting in Toronto, the Council discussed the activities of both the AcSB and PSAB and other related matters. The Council received presentations on Sustainability, Environmental, and Social Reporting, as well as a presentation from the Canadian Council of Comptrollers. Read the full report for more information.