Standards Digest
A made-for-Canada solution In April 2017, the AASB approved the aud- itor reporting standards. In the end, says Jensen, we found an appropriate middle ground among our stakeholders by initial- ly making key audit matter reporting op- tional unless required by law or regulation. Implementation of the key audit matter reporting component of the standards will evolve in the future in response to implementation of similar requirements in the US, and as a result of research into the impact of key audit matter reporting on smaller public companies.
Implementation Quality implementation of the new standard, which comes into effect in 2018, is top of mind for the AASB. To help with this, the board provided an early draſt of the standard to the Chartered Profession- al Accountants’ provincial bodies to sup- port development of educational material despite ongoing final deliberations. And as with anything new, it takes time for things to fall into place. “It’s incredibly important to keep an open and transparent dialogue in the first year of implementation,” says Jensen. “Auditors, audit committees and manage- ment will need to work together closely on initial implementation. While this will be easier with key audit matter reporting being optional, there will still be work to do related to certain going-concern close-call matters and determining which information, such as annual reports, will be available before an auditor issues a report.”
In addition, the AASB is working close- ly with CPA Canada to develop imple- mentation guidance. Jensen says that the years succeeding initial implementation will be “much easier for everyone.”
SEPTEMBER 2017 | CPA MAGAZINE | 15
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