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AASB Discussion Paper – Exploring Standard-Setting Options for Audits of Less Complex Entities
Share AASB Discussion Paper – Exploring Standard-Setting Options for Audits of Less Complex Entities on FacebookShare AASB Discussion Paper – Exploring Standard-Setting Options for Audits of Less Complex Entities on TwitterShare AASB Discussion Paper – Exploring Standard-Setting Options for Audits of Less Complex Entities on LinkedinEmail AASB Discussion Paper – Exploring Standard-Setting Options for Audits of Less Complex Entities link
This Discussion Paper seeks views on options the Board might consider undertaking in Canada to address the challenges of applying CAS to audits of less complex entities (LCEs). One such option is pursuing a separate standard for audits of LCEs modelled after the International Auditing and Assurance Standards Board’s (IAASB) proposals in their Exposure Draft, “Proposed International Standard on Auditing for Audits of Financial Statements of Less Complex Entities.”
The AASB believes practitioners’ ability to apply the CASs to LCEs in a scalable and proportional way is critical to performing high-quality, cost-effective audits that serve the public interest.
Therefore, stakeholder views on this Discussion Paper are essential to the Board’s decision on the direction of its future work.
The Board invites all interested parties to provide feedback, including:
This Discussion Paper seeks views on options the Board might consider undertaking in Canada to address the challenges of applying CAS to audits of less complex entities (LCEs). One such option is pursuing a separate standard for audits of LCEs modelled after the International Auditing and Assurance Standards Board’s (IAASB) proposals in their Exposure Draft, “Proposed International Standard on Auditing for Audits of Financial Statements of Less Complex Entities.”
The AASB believes practitioners’ ability to apply the CASs to LCEs in a scalable and proportional way is critical to performing high-quality, cost-effective audits that serve the public interest.
Therefore, stakeholder views on this Discussion Paper are essential to the Board’s decision on the direction of its future work.
The Board invites all interested parties to provide feedback, including:
Share 1. Considering the scope of the IAASB’s ED-ISA for LCE, if the proposed ISA for LCE were to be adopted in Canada, would practitioners be able to use it in the Canadian environment? Please explain why or why not. on FacebookShare 1. Considering the scope of the IAASB’s ED-ISA for LCE, if the proposed ISA for LCE were to be adopted in Canada, would practitioners be able to use it in the Canadian environment? Please explain why or why not. on TwitterShare 1. Considering the scope of the IAASB’s ED-ISA for LCE, if the proposed ISA for LCE were to be adopted in Canada, would practitioners be able to use it in the Canadian environment? Please explain why or why not. on LinkedinEmail 1. Considering the scope of the IAASB’s ED-ISA for LCE, if the proposed ISA for LCE were to be adopted in Canada, would practitioners be able to use it in the Canadian environment? Please explain why or why not. link
Share 2. If the AASB were to adopt the IAASB’s ED-ISA for LCE in Canada, do you believe users’ perception of the level of assurance provided will change compared to an audit engagement using the CASs? Please explain why or why not. on FacebookShare 2. If the AASB were to adopt the IAASB’s ED-ISA for LCE in Canada, do you believe users’ perception of the level of assurance provided will change compared to an audit engagement using the CASs? Please explain why or why not. on TwitterShare 2. If the AASB were to adopt the IAASB’s ED-ISA for LCE in Canada, do you believe users’ perception of the level of assurance provided will change compared to an audit engagement using the CASs? Please explain why or why not. on LinkedinEmail 2. If the AASB were to adopt the IAASB’s ED-ISA for LCE in Canada, do you believe users’ perception of the level of assurance provided will change compared to an audit engagement using the CASs? Please explain why or why not. link
Share 3. If the AASB were to adopt ED-ISA for LCE in Canada, would you use it in your practice? Please explain why or why not. on FacebookShare 3. If the AASB were to adopt ED-ISA for LCE in Canada, would you use it in your practice? Please explain why or why not. on TwitterShare 3. If the AASB were to adopt ED-ISA for LCE in Canada, would you use it in your practice? Please explain why or why not. on LinkedinEmail 3. If the AASB were to adopt ED-ISA for LCE in Canada, would you use it in your practice? Please explain why or why not. link
Share 4. Which of the three options do you think the AASB should pursue, if any? Please explain. on FacebookShare 4. Which of the three options do you think the AASB should pursue, if any? Please explain. on TwitterShare 4. Which of the three options do you think the AASB should pursue, if any? Please explain. on LinkedinEmail 4. Which of the three options do you think the AASB should pursue, if any? Please explain. link
