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This summary of decisions of the Auditing and Assurance Standards Board (AASB) has been prepared for information purposes only. Decisions reported are tentative and reflect only the current status of discussions on projects, which might change after further deliberations by the AASB. Decisions to publish exposure draft and Handbook material are final only after a formal ballot process.
For more detailed information about AASB projects, please refer to the project summaries under Projects. |
Canadian-Specific Projects Projects to develop material that will be included in the Handbook that takes effect December 15, 2009 Preface to CICA Handbook – Assurance
Discussed issues related to the final Handbook material. Other Independence
The AASB was provided with an overview comparison of key aspects of the IFAC Code, and the Rules of Professional Conduct followed in most provinces by Canada’s Chartered Accountants. Projects Related to the Adoption of International Standards on Auditing The AASB reviewed and approved the following final Handbook material: | — | CAS 700, Forming an Opinion and Reporting on Financial Statements | | — | CAS 800, Special Considerations — Audits of Financial Statements Prepared in Accordance with Special Purpose Frameworks | | — | CAS 805, Special Considerations — Audits of Single Financial Statements and Specific Elements, Accounts or Items of a Financial Statement | | — | CAS 810, Engagements to Report on Summary Financial Statements |
The AASB discussed issues relating to the IAASB’s final approval of the following ISAs:
| — | ISA 402, Audit Considerations Relating to an Entity Using a Third Party Service Organization | | — | ISA 210, Agreeing the Terms of Audit Engagement | | — | ISA 265, Communicating Deficiencies in Internal Control |
Other
The AASB discussed issues relating to the IAASB’s: | — | final approval of International Standard for Assurance Engagements (ISAE) 3402, Auditor’s Reports on Service Organization Controls; | | — | development of an ISAE dealing with information on carbon emissions; and | | — | review of the overall consistency of the clarity wording included in the ISAs. |
The AASB discussed issues relating to the AASB’s response to the IAASB’s consultation paper regarding key issues related to the performance of review engagements.
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