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. |
Communications with Law Firms The AASB discussed matters related to developing a revised Joint Policy Statement with the Canadian Bar Association. Reporting on Internal Control beyond Financial Reporting The AASB reviewed a project proposal to develop a Canadian Standard on Assurance Engagements for reporting on controls other than those related to financial reporting. The AASB deferred a decision on whether to approve this project, and asked staff to obtain further input from appropriate parties to assess: | (a) | whether the scope of the proposed project is too broad, and if so, how it might be appropriately narrowed; and | | (b) | whether this project should be a high priority, given other matters that the AASB needs to address in the near term. |
Revisions in the Short Term to Standards for Assurance Engagements
The AASB discussed matters related to making revisions to Sections 5025, Standards for Assurance Engagements, 5030, Quality Control Procedures for Assurance Engagements, and other applicable standards that the AASB has identified as needing to made in the short term. Assurance Reports on Controls at a Third Party Service Organization The AASB reviewed a preliminary draft of a Canadian Standard on Assurance Engagements, Reporting on Controls at a Service Organization, and discussed issues related to this project. Staff will present an exposure draft for review and approval, if appropriate, at the January 2010 AASB meeting. Auditor’s Reporting Advisory Group The AASB discussed a proposed approach to forming an Auditor’s Reporting Advisory Group to address issues related to wording of auditor’s reports under Canadian Auditing Standards, including developing non-authoritative guidance on these matters. ISAE 3000, Assurance Engagements Other than Audits or Reviews of Historical Financial Information The AASB discussed matters related to the IAASB’s project to revise ISAE 3000, Assurance Engagements Other Than Audits or Reviews of Historical Financial Information. Other AASB Strategic Plan 2010-2013 The AASB discussed the results of consultations with stakeholders, reviewed a preliminary draft of its strategic plan and identified matters to be considered in further developing this plan. Other IAASB Projects ISRS 4410, Compilation Engagements The AASB discussed matters related to the IAASB’s project to revise ISRS 4410, Engagements to Compile Financial Statements. ISA 720, Auditor’s Responsibility Relating to Other Information in Documents Containing Audited Financial Statements The AASB discussed matters related to the IAASB’s project proposal to revise ISA 720. The AASB reviewed and approved a Project Summary Document that sets out the nature, timing and extent to which this project will be monitored by the AASB. International Auditing Practice Statements (IAPSs) The AASB discussed matters related to the IAASB’s review of the status of IAPSs. Pro Forma Financial Information The AASB discussed matters related to the IAASB’s Exposure Draft. Guidance on Auditing Complex Financial Instruments The AASB discussed matters related to the IAASB’s project to develop guidance on auditing complex financial instruments, including revising IAPS 1012, Auditing Derivative Financial Instruments. |
