What are Basis for Conclusions?
A Basis for Conclusions (BFCs) is a document that provides background information regarding the development of a Canadian Auditing Standard (CAS) : It provides information about • the Exposure Draft process; • objectives of the project; • significant matters arising from comments received in response to an Exposure Draft; and • the Auditing and Assurance Standards Board’s (AASB) conclusions regarding these comments in developing the final standard. The BFCs related to International Auditing and Assurance Standards Board (IAASB) standards adopted in Canada, such as CASs and the Canadian Standards on Quality Control, focus on how the AASB dealt with comments related to possible amendments to the wording of the international standards in finalizing the Canadian standards. The BFCs for these standards also provide a link to the corresponding documents developed by staff of the IAASB. The BFCs help practitioners understand how the AASB reached its conclusions, but do not include explanation
