News Listings

The AASB discussed issues related to the IAASB’s project on audit evidence and fraud. The Board also reviewed a draft Canadian discussion paper on audits of less complex entities.

As Canada moves through the third wave of COVID-19 with the hope that comes with vaccinations and economic re-opening, we in standard setting have also been progressing in new areas and initiatives. From sustainability standards to strategic planning, read this statement from our Board Chairs about what we’ve been up to and what’s to come this year.

The AASB’s 2022-2025 Strategic Plan considers our changing environment – with a focus on understanding and responding to the related emerging issues and needs of our stakeholders. Key areas of our new Strategic Plan include: addressing the needs of less complex entities, the impact of new technologies, and continuing our prioritization of enhancing stakeholder engagement to develop solutions together. 

Effective April 1, 2021 to March 31, 2022, this Annual Plan is the first under the 2022-2025 Strategic Plan – meaning the activities undertaken this year will set a strong foundation for the next four years.

The AASB issued an Exposure Draft proposing conforming amendments to Other Canadian Standards to avoid inconsistencies with the new and revised quality management standards. Submit your comments by September 30, 2021. 

The IAASB released first-time implementation guides for ISQM 1, Quality Management for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements and ISQM 2, Engagement Quality Reviews. These guides are intended to help stakeholders understand and properly implement the requirements in the standards.

The IAASB is holding a series of webinars on June 24, July 29, August 5, and August 18. The webinars will take a deep dive into aspects of the IAASB’s new standard on quality management. We encourage stakeholders to register for a webinar or watch the webinars on the IAASB’s YouTube channel following the session.

The AASB discussed issues related to the IAASB’s project on Group Audits and the anticipated exposure draft of a separate standard for audits of less complex entities. The Board approved its 2021-2022 Annual Plan and 2022-2025 Strategic Plan. 

Although the external audit is only one element within the broader financial reporting ecosystem, the auditor’s role in audits of financial statements continues to receive heightened public attention. We’re working to better understand the expectation gap between the perception of the auditor’s role and their responsibilities in a financial statement audit. Read this article to learn more about our outreach initiatives, and watch a video excerpt from our recent presentation on this topic!

The IAASB issued a survey on its Work Plan for 2022-2023. Help shape the IAASB’s future work by replying via the Board’s online tool. We encourage Canadian stakeholders to respond to the IAASB by August 5, 2021.