April 27, 2016 Update

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 and other matters, which might change after further deliberations by the AASB. Decisions to publish exposure draft and Handbook material are final only after a formal voting process.

Canadian Auditing Standards (CASs)

Enhancing Audit Quality

The AASB discussed feedback received from Canadian stakeholders on its Invitation to Comment, “Enhancing Audit Quality in the Public Interest: A Focus on Professional Skepticism, Quality Control and Group Audits.” The AASB also reviewed an outline of the response to the IAASB on its Invitation to Comment with the same title.  The AASB will review the draft response at its next meeting.

Assurance and Related Services Standards (other than CASs)

Future-oriented Financial Information

The AASB discussed the way forward for its project to replace Assurance and Related Services Guideline AuG-6, Examination of a Financial Forecast or Projection Included in a Prospectus or Other Public Offering Document, with a new assurance engagement standard. The AASB confirmed the scope of the project and decided to set up a working group of AASB members to support staff on the project.

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