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, which might change after further deliberations by the AASB. Decisions to publish exposure draft and Handbook material are final only after a formal ballot process.
Compilation Engagements
The AASB discussed and approved, subject to written ballot, an Exposure Draft of revisions to Section 9200, Compilation Engagements, including rewording the Notice to Reader to address concerns of practitioners and removing from the scope of the Section financial information prepared solely for inclusion in certain tax filings.
Going Concern
The AASB reviewed and approved, subject to written ballot, an Exposure Draft to introduce a new Section dealing with the auditor’s responsibility to assess whether there are material uncertainties related to events or conditions that may cast substantial doubt on the audited entity’s ability to continue as a going concern for a period of twelve months from the date of the financial statements when auditing financial statements that have been prepared on the going concern basis.
See full Press Release.
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