At its virtual meeting held on April 19, 2021, the Auditing and Assurance Standards Oversight Council (AASOC) received presentations on, and discussed the following:
- Chair’s Opening Remarks
- Approval of the Independent Review Committee of Standard Setting’s Terms of Reference
Chair’s Opening Remarks
AASOC Chair Kevin Nye welcomed all attendees and thanked them for making time for this special meeting to review and approve the Independent Review Committee of Standard Setting’s Terms of Reference.
Approval of the Independent Review Committee of Standard Setting’s Terms of Reference
At their meeting on February 25-26, 2021, AASOC and the Accounting Standards Oversight Council (AcSOC) decided to launch a committee to conduct an independent review of the standard-setting ecosystem in Canada. At its meeting on April 19, 2021, AASOC reviewed a draft of the Committee’s Terms of Reference.
Stephenie Fox, Vice-President, Standards, informed AASOC that AcSOC provided input on the Terms of Reference at its April 14, 2021, meeting and is scheduled to conduct a fatal-flaw review of the document following AASOC’s review.
AASOC members raised several key points during an in-depth discussion. The Council agreed that once the document has been updated to reflect Council members’ feedback, another special Council meeting will be held to review and approve the Independent Review Committee of Standard Setting’s Terms of Reference.
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The Auditing and Assurance Standards Oversight Council (AASOC) is an independent, volunteer body established by the Canadian Institute of Chartered Accountants (now Chartered Professional Accountants of Canada) in 2002. It serves the public interest by overseeing and providing input on the activities of the Auditing and Assurance Standards Board (AASB), which sets standards for assurance and related service engagements. Reporting to the public and consisting of prominent leaders from business and regulators, AASOC’s responsibilities include appointing AASB members, providing input on strategic priorities and evaluating the performance of the AASB.