News Listings

In a new joint report on the audit expectation gap, the Association of Chartered Certified Accountants (ACCA), Chartered Accountants Australia and New Zealand (CA ANZ), Chartered Professional Accountants of Canada (CPA Canada), and the Canadian Auditing and Assurance Standards Board (AASB) provide recommendations for regulators, standard setters, and auditors on tackling fraud and addressing going concern issues. Learn more.

In collaboration with the ACCA, CPA Canada, and CA ANZ, the AASB issued a joint report – Closing the expectation gap in audit – The way forward on fraud and going concern: A multi-stakeholder approach. The report provides recommendations on how to narrow the expectation gap in the areas of fraud and going concern, based on feedback from virtual roundtables held across the globe. Read the report for full details.

The AASB discussed issues related to Technology, Future-oriented Financial Information, Quality Management, the evolution of assurance, CUSP, AASB processes, and the IESBA’s “public interest entity” definition. Read the Summary for more.

Help the AASB develop new guidance on the implementation of KAM reporting. We want to better understand the 2020 experience and develop guidance for our stakeholders on lessons learned. Find out more about this exciting research opportunity and apply by October 31, 2021!

The AASB issued a Discussion Paper to obtain stakeholder input on options that might be explored in Canada to address the challenge of applying the Canadian Auditing Standards (CASs) to audits of less complex entities. Submit your comments by December 10, 2021!

The AASB discussed issues related to the IAASB’s projects on Group Audits and Auditor Reporting. The Board also received an update on its Future-oriented Financial Information project. Read the Summary for full details.

The IAASB issued an Exposure Draft proposing a new standard on auditing the financial statements of less complex entities (LCEs). On September 10, 2021, the AASB will release a discussion paper that explores whether to pursue a separate standard for audits of LCEs in Canada and other options to address the challenges practitioners face in LCE audits. Read the IAASB Exposure Draft and stay tuned for our Canadian discussion paper!

Private and public institutions across the country have come together to offer Canada as the global headquarters for the new International Sustainability Standards Board (ISSB). The offer was facilitated by CPA Canada and formally submitted by the Government of Canada to the IFRS Foundation this week, backed by organizations such as pension funds, financial institutions, securities regulators, a leading First Nations organization, accounting firms, insurance companies, and other large Canadian companies, along with the support of the country’s six largest municipalities and a broad cross-sector of Canada’s leading business, academic, and environmental stakeholder organizations. 

Learn how the AASB developed and approved its Strategic Plan 2022-2025 – including conclusions reached on the significant comments received. 

The AASB has recruited members for the Compilations of Future-oriented Financial Information  (FOFI) Reference Group. The Compilations of FOFI Reference Group will assist the AASB as it develops a new Canadian Standard on Related Services (CSRS) to replace current Assurance and Related Services Guideline (AuG)-16, Compilation of a Financial Forecast or Projection.