4. Why did the AASB adopt ISAs as CASs?

The IAASB developed International Standards on Auditing to provide auditors worldwide with a basis for high–quality, consistent, and comparable audits. Canadian standard setters have been and continue to actively participate in the development of these international standards. The Canadian AASB adopted ISAs because:

• ISAs are being adopted globally - Canada joins more than 100 countries that have adopted or are in the process of adopting ISAs;
• The IAASB's principles-based standard-setting approach is consistent with the current Canadian approach
• The IAASB used a rigorous and transparent approach in developing and issuing ISAs. This process allows for appropriate input from the Canadian Auditing and Assurance Standards Board and Canadian CAs;
• The IAASB's guidelines for modifying ISAs when adopting them are sufficiently flexible - allowing the inclusion of materials necessary to meet national regulatory requirements;

The IAASB has developed a "Clarity Format" for the ISAs that is clear, consistent, and easy to understand.

With the release of these high–quality, consistent, transparent international auditing standards – which Canada influenced and continues to influence - there is no need for a separate Canadian set.