August 2026
Greetings,
This time of the year always feels like a bit of a reset. Summer is winding down, teams are getting back into routine, and attention is starting to shift toward the busy months ahead. This month’s update is all about looking ahead to proposed changes to key auditing standards, practical steps firms can take now to make busy season run more smoothly, and some exciting new ASK KSA PD courses that are almost ready to launch. A little preparation now can go a long way later. Read on…
AASB Exposure Draft
Proposed Revisions to CAS for Audit Evidence and Risk Response
Over the past several months, I have been providing updates on the Audit Evidence & Risk Response project; as you know, I am on the Advisory Group and have been involved in commenting on the Exposure Drafts which have now been officially released!!!
The AASB issued its Exposure Draft proposing revisions to CAS 330, The Auditor’s Responses to Assessed Risks, CAS 500, Audit Evidence, and CAS 520, Analytical Procedures. These are fundamental auditing standards that affect how we design and perform audit procedures, obtain and evaluate audit evidence, and ultimately respond to identified risks of material misstatement.
The proposed changes are intended to strengthen and clarify the risk-based audit approach while also recognizing how technology continues to change both our clients’ businesses and the way audits are performed. Some of the key areas being addressed include:
- How auditors think about and evaluate sufficient appropriate audit evidence;
- Greater emphasis on the purpose of an audit procedure;
- Strengthened requirements for evaluating the relevance and reliability of information used as audit evidence;
- Clearer guidance around tests of controls, substantive procedures and analytical procedures;
- Reinforced application of professional skepticism; and
- A principles-based approach that allows auditors to make appropriate use of technology and automated tools as they continue to evolve.
- While these changes are still at the proposal stage, they have the potential to significantly influence how audits are planned, performed and documented in the future.
Here is a link to the AASB Exposure Draft.
IAASB Exposure Drafts (same ones as above)
As noted above, the AASB issued its Exposure Draft on revisions to CASs. This was done in conjunction with the release of the same Exposure Drafts by the International Auditing and Assurance Standards Board (IAASB). These exposure drafts are the same; one is at the International level, and one is for Canada. In case you want to check out the IAASB page, I have included the information here.
The IAASB project page provides an overview of the changes as well as a link to the Exposure Drafts themselves. The slide deck is an especially interesting document and provides a good summary of many of the changes and the reasoning behind them.
The comment period is open until December 15, 2026.
Don’t Get Too Busy to Lead
As we start thinking ahead to another busy season, there is a lot of focus on schedules, deadlines, staffing and getting the work done. But there is another important piece of the puzzle: Leadership.
When everyone is busy, it can be easy for partners and managers to become so focused on their own workload that coaching, communication and oversight take a back seat. Unfortunately, that is often when teams need those things the most. Before things get busy, consider what you can put in place to help your team succeed.
A Journal of Accountancy article, “Are You Too Busy to Lead?” provides some useful thoughts on how firm leaders can continue to support their people and their practice, even during the busiest times of the year.
Do You Really Need More People—or More Capacity?
Staffing continues to be a challenge for many firms, and when workloads start to build, the natural reaction is often: we need more people. But adding people is not the only way to create capacity.
Before busy season arrives, it may be worth taking a closer look at how work actually moves through your firm. Are experienced people spending time on tasks that could be delegated? Are there processes that have become unnecessarily complicated? Are you continuing to serve clients that take a disproportionate amount of time?
AICPA & CIMA’s Change Your Mindset About Capacity provides some great ideas for small firms looking to rethink traditional approaches to workload and create a more sustainable way of working.
New ASK KSA PD Courses Almost Here!
The recordings are complete and the newest ASK KSA Professional Development courses are now in the final stages of production.
Watch for more details in September about a range of new audit topics designed specifically for public practitioners and engagement teams. I am really proud of what I have created.
Want to learn more about ASK KSA PD? Watch this short video for an overview of our approach to professional development… Informative. Practical. Engaging.
And, if you don’t want to wait until September, you can check out current offerings here.
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As we head into fall, it is a great time to get ahead of the things that can make the coming months easier, whether that means thinking about upcoming standard changes, planning training, or addressing issues before busy season arrives.
As always, if you have questions or need support with an audit, quality management, file inspection or training matter, please reach out. ASK KSA is here to help you save time and achieve peace of mind.
Reach out any time, I am here to help. In the meantime, have a great Labour Day long weekend.
Best regards,
Kirsten S. Albo, FCPA, FCA
President