|
1. AASB Appointments The AASOC approved the recommendations of the Nominating Committee and appointed a new Chair and Vice Chair to the Auditing and Assurance Standards Board (AASB) for two-year terms commencing April 1, 2008. In addition, the AASOC appointed three new members to the AASB for three-year terms commencing April 1, 2008. 2. AASB Update The AASOC reviewed an update of key decisions and actions taken by the AASB since the last AASOC meeting in October 2007. It was noted that the International Auditing and Assurance Standards Board (IAASB) has met its milestones for clarifying all of its International Standards on Auditing (ISAs) and the AASB has kept pace with the IAASB in moving to adopt the ISAs as Canadian Auditing Standards (CASs). As promised when the initial decision was made to adopt the ISAs as CASs, the AASB reassessed this decision and confirmed that the AASB should proceed with adoption of the ISAs. 3. AASB 2008-09 Work Plan The AASOC reviewed the work plan of the AASB for the 2008-09 fiscal year. The focus of this plan is the adoption of ISAs, and the development of a new CICA Handbook – Assurance. 4. Public Interest Questions The AASOC Chair presented an overview of the background and nature of correspondence between himself and the Chair of the AASB relating to the AASB’s consideration of public interest issues. Members discussed the meaning and context of the public interest questions that are now incorporated into all significant parts of the AASB’s due process. 5. Adoption of ISAs as Canadian Auditing Standards The IAASB Technical Director attended and noted that there is continued strong support for the adoption of ISAs around the world. However, one major concern is language, specifically, the lack of consistency in interpreting the standards and application material when material is translated from English into other languages. It was also noted that, like existing Canadian auditing standards, the ISAs are principles based rather than rules based. Although the standards contain many rules, they leave decisions regarding many matters to the professional judgment of the auditor. Given this approach, it was felt there is a need for more robust guidance regarding what the exercise of professional judgment entails and how it should be documented. |
