Page 4 - Auditing and Assurance Standards Board Annual Report 2014-2015
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2 AASB Annual Report 2014-2015

Review Engagement Standards
During the year, the AASB considered the many diverse views expressed by stakeholders
on important issues in response to its June 2013 Exposure Draft proposing a new review
of historical financial statements standard. As a result of these deliberations and further
discussions with key stakeholder groups, the AASB approved a re-exposure draft to address
the concerns raised with the goal of approving a final standard during 2015-2016.

What’s Ahead

The AASB started developing its strategic plan for 2016-2021. Preliminary consultations
were held with some stakeholder groups. The AASB will issue an invitation to comment on its
proposed plan, undertake extensive consultations and carefully consider the various needs
of its stakeholders. I encourage stakeholders to review this plan and provide input to the AASB.

With Thanks

We have great volunteers serving on the AASB and its various task forces. Their knowledge,
experience and perspectives serve to enhance the standard-setting process. I sincerely thank
all of these volunteers for their unwavering commitment to the AASB’s work during the year. I’d
like also to thank AASOC, who performs a critical governance function by ensuring that
the activities of the AASB serve the public interest.

As well, we are thankful to John Wiersema, the CPA Canada Nominee on the IAASB until
December 31, 2014. He attended our AASB meetings to obtain input on significant issues to
help form the views he expressed so well at the IAASB meetings, particularly regarding public
sector matters. Ron Salole is now the CPA Canada Nominee on the IAASB and continues to
be an effective link between the IAASB and the AASB.

Of course none of this would be possible without the AASB staff. They continue to provide
effective and efficient support of the AASB under the leadership of Greg Shields. I thank
them for their productivity and dedication.

In Memoriam

Finally, on behalf of the AASB and staff, I would like to extend my sincere condolences to
the family, friends and colleagues of Glenn Rioux, former Vice-President, Standards at CPA
Canada. Glenn passed away in September 2014, following a brave battle against acute
leukemia. We will remember Glenn for his passion for accounting and creative ideas, but
above all, for his remarkable personality and humanity.

Cathy MacGregor, CA
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