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CPA Canada’s Audit Quality Blog is designed to create an exchange of ideas on global audit quality developments and issues, and their impact in Canada.

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The IAASB is initiating a project to explore challenges in auditing small and medium-sized entities (SMEs). Canadian auditors are encouraged to contribute to the consultation paper, expected later this year.

The IAASB recently unveiled its Quality Management Approach to strengthen consistency of audit quality across a firm’s audit base. While this risk-based approach looks promising, Canadian practitioners should proactively consider issues that may arise.

The AASB road-tested the IAASB’s proposed revisions to ISA 540. This exercise proved invaluable in that the AASB were able to identify both implementation challenges and areas that might require more guidance.

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