DRAFT Agenda for September 11-12, 2006 CAG Meeting (As at August 17)

Sept 11 / Subject / Presented by / CAG Working Group / Time[1]
/ Chairman’s Welcome / Damant / 08:30-09:00

A

/ Approval of Minutes of the Previous Meeting / Damant

B

/ Report Back on IAASB Projects
·  Communications with Those Charged with Governance
·  Materiality and Misstatements
·  Modifications to the Independent Auditor’s Report
To NOTE how the respective IAASB Task Forces and the IAASB have considered the CAG Representatives’ comments. Unless specifically requested by a CAG Representative, these papers will not be discussed at the meeting. / Damant

C

/ European Commission Update
Report on Matters of Interest on the Adoption Process of ISAs
·  General Conditions for Adoption
·  Adoption of Application Material / Glossary
·  Status of ISQC 1
·  Distinction between Statutory and Contractual Audit / Rabine / 09:00-09:30
IAASB Projects
D / Accounting Estimates and Fair Values
To DISCUSS the close off document of ISA 540 (Revised), and issues relating to and a first draft of a redrafted ISA 545, including the Task Force’s recommendation that the auditing of accounting estimates (ISA 540) and the auditing of fair value measurements and disclosures (ISA 545) be treated together. / Ashton / Gutterman
Pickeur
Sucher / 09:30-11.00
COFFEE / 11:00-11:30
E / Written Representations
To NOTE how the IAASB Task Force and IAASB have considered the CAG Representatives’ comments and to REVIEW a proposed exposure draft of proposed ISA 580 (Revised). / Fogarty / Morris
Peyret / 11:30-12:30
LUNCH / 12:30-13:30
F / Material Weaknesses in Internal Control
To DISCUSS issues to be addressed in the development of guidance on material weaknesses in internal control, discussed with the IAASB in July, and the IAASB’s related responses. / Ashton / Blomme
Morris
Peyret / 13:30-14:30
G / External Confirmations
To DISCUSS issues to be addressed in the revision of ISA 505. / Crawford / De Beer
Morris
Pickeur
Van Der Plaats / 14:30-15:30
COFFEE / 15:30-16:00
H / XBRL
To RECEIVE a presentation on XBRL. / Krantz, Verkruijsse / 16:00-17:00
I / SME / SMP / Developing Nations Audit Considerations
To DISCUSS SME / SMP/ DN audit considerations, in particular audit documentation. / Damant / Asmelash
De Beer
Diomeda
Hegarty / 17:00-18:00
Sept 12 / Subject / Presented by / CAG Working Group / Time
IAASB Projects
J / Plan to Develop a Future IAASB Strategy and Work Program
To DISCUSS preliminary proposals to develop a future strategy and work program for the IAASB for a period following the completion of the Clarity Project, including a proposal to obtain views on assurance services other than audits to be rendered to SMEs. / Kellas / 08:30-09:15
K / Using the Work of an Expert
To DISCUSS issues to be addressed in the revision of ISA 620, discussed with the IAASB in July, and the IAASB’s related responses. / Ferlings / Gutterman
Morris
Roussey / 09:15-10:15
COFFEE / 10:15-10:45
L / Audit Considerations relating to Entities Using Service Organizations
To DISCUSS issues to be addressed in the revision of ISA 402. / Esdon / Roussey
TBD / 10:45-11:30
M / Reports Issued by Service Organizations
To DISCUSS issues to be addressed in the development of new ISAE 3402. / Tucker / Roussey
TBD / 11:30-12:15
LUNCH / 12:15-13:00
N / Related Parties
To DISCUSS the IAASB Task Force’s recommendations based on significant comments received on the exposure draft. / Hillier / Cassel
Roussey / 13:00-13:45
O / Forming an Opinion
To DISCUSS a proposed new ISA on evaluating audit evidence and the financial statements as a whole, and forming an opinion. The ISA consists of relevant text moved from other ISAs. / Hillier / [TBD] / 13:45-14:30
P / Improving the Clarity of Pronouncements
·  Report Back on IAASB Task Force and IAASB Consideration of CAG Representatives’ Comments
·  List of Objectives
·  Other Matters
To NOTE how the IAASB Task Force and IAASB have considered the CAG Representatives’ comments, DISCUSS the List of Objectives, and CONSIDER any other matters that may be identified. / Kellas / 14:30-15:45
COFFEE / 16:45

Meeting venue

Upper Canada Room, 18th Floor

Fairmont Royal York Hotel

100 Front Street West

Toronto, ON M5J IE3

CANADA

Phone: +1 416 368 2511

Fax: +1 416 368 9040

www.fairmont.com/royalyork/

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[1] The time allocated for discussions may vary, but the chair is aiming to close the meeting by no later than 17:00 on September 12.