CPA Canada consultation roundtables on auditing and assurance standards

In October 2013, CPA Canada will be holding consultations with interested stakeholders to obtain their input on three very important projects being undertaken by the Auditing and Assurance Standards Board (AASB) to revise existing standards or propose new standards.

For each project, the stakeholders are invited to take part in roundtable sessions with CPA Canada representatives and/or submit their comments to AASB.

Engagements to review historical financial statements

The AASB has issued an Exposure Draft that proposes a new standard, i.e. the Canadian Standard on Review Engagements (CSRE) 2400, Engagements to Review Historical Financial Statements, to replace the existing review engagement standards that cover the same matters.

Roundtable (max. 25 participants): October 15, 2013, from 8:30 a.m. to 10:00 a.m. in Montreal
Comment deadline: October 11, 2013

Reporting on audited financial statements

The AASB has approved an Exposure Draft that proposes new and revised standards to significantly change the form and content of the auditor’s report on financial statements.

Roundtable (max. 25 participants): October 15, 2013, from 10:30 a.m. to 12:00 p.m. in Montreal
Comment deadline: November 1, 2013

Reporting on supplementary matters

The AASB has issued an Exposure Draft that proposes a new standard, i.e. the Canadian Standard on Related Services (CSRS) 4460, Reports on Supplementary Matters Arising from an Audit or a Review Engagement. The proposed new standard includes requirements and guidance to assist auditors in responding to requests from regulatory bodies that wish to obtain reports on information about the entities being audited (often referred to as derivative reporting).

Roundtable (max. 22 participants): October 23, 2013, from 9:30 a.m. to 11:30 a.m. in Quebec City
Comment deadline: November 29, 2013

It is important to note that these meetings are consultation sessions, and not information sessions. Therefore, participants must prepare to have an understanding of the proposals contained in the exposure drafts. They are also encouraged to listen to the related webinars (live or archived version).

During the roundtable sessions, participants will be asked to:

• actively participate in discussions;
• provide their views on issues raised; and
• identify issues and concerns with the proposals, and potential solutions, based on their background and experience.

Your comments on these important projects would be greatly appreciated.

To participate in one of the roundtable sessions, please contact Sophie Pelletier, clearly indicating the consultation(s) for which you wish to register, at the following e-mail address: s.pelletier@cpa-quebec.com.

To comment on the exposure drafts, please consult them online and respond to the questions put forward.