At its virtual meeting held on April 26, 2021, the Auditing and Assurance Standards Oversight Council (AASOC) received presentations on, and discussed the following:
- Chair’s Opening Remarks
- Approval of Independent Review Committee of Standard Setting’s Terms of Reference
Chair’s Opening Remarks
AASOC Chair Kevin Nye opened the meeting, noting the importance of approving the Terms of Reference for the Independent Review Committee on Standard Setting. He then turned the meeting over to Stephenie Fox, Vice-President, Standards, to highlight the proposed changes and their rationale, using the marked-up version of the Terms of Reference.
Approval of Independent Review Committee of Standard Setting’s Terms of Reference
Ms. Fox provided an overview of the proposed changes section by section, highlighting some changes arising offline from members of AASOC and the Accounting Standards Oversight Council. Council members asked questions and suggested edits.
AASOC members also proposed changing the Committee membership from a fixed seven to a range of six to eight. The Council supported this proposal.
AASOC agreed Ms. Fox would send a marked-up version of the Terms of Reference to Council members for approval offline.
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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.