News Listings

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.

The Board discussed several topics during its two-day meeting, including Compilation Engagements, Public Sector Auditing Standards, and the Strategic and Annual Plans. Read the full Decision Summary for further detail.

The Board submitted a comment letter responding to the IAASB’s Discussion Paper, Audits of Less Complex Entities: Exploring Possible Options to Address the Challenges of Applying the ISAs. Visit the IAASB’s website to read the Board’s response.

The Board discussed several topics during its two-day meeting including Audits of Less Complex Entities, Quality Management, Agreed-upon Procedures, Identifying and Assessing the Risks of Material Misstatement and others. Read the full Decision Summary for further detail.

This non-authoritative guidance is intended to provide a roadmap for practitioners who are engaged to conduct SOC attestation engagements under Canadian standards; or both Canadian and U.S. standards and/or international standards. Read the document to learn more.

The Board discussed its draft response to the IAASB’s Discussion Paper for Audits of Less Complex Entities and key issues related to Compilation Engagements. Read the summary for full details.

The AASB is investigating the challenges experienced by Canadian practitioners when auditing LCEs. Join the AASB Discussion Group where AASB Principal, Andrea Lee, will be sharing information, asking questions, and moderating discussion to help us understand what you, our stakeholders, need when performing audits of LCEs.

During its conference call, the Council discussed the activities of the AASB. The Council also received an update on the Independence Standing Committee. Read the full report for more information.

The Board discussed the draft responses to the IAASB’s Exposure Draft “Quality Management at the Firm and Engagement Level, Including Engagement Quality Reviews.” Read the Summary for full details.

The AASB is currently working on analyzing the feedback received on our Exposure Draft, Compilation Engagements to finalize a new standard. But we need your help to get to the finish line! Join the AASB Discussion Group - Finalizing the new Compilation Engagements standard, where AASB Principal, Svetlana Berger, will be sharing information, asking questions, and moderating discussion to help us get to a final standard that works for you, our stakeholders.