AASB 2016-2017 Annual Report
Message from the Chair
There are significant activities on the horizon for the AASB and our stakeholders. And we have worked hard to prepare for these activities by setting the foundation for the future – appropriately reflecting this year’s annual report theme.
In order to set this foundation, we ensured that we got well underway with our ambitious 2016-2021 Strategic Plan. From improvements, to big changes, to new items on our agenda for discussion, the past year has seen the AASB:
- establish new processes to better address our stakeholders’ needs, including creating a steering committee that is aimed at enhancing the speed and effectiveness of our operations;
- receive approval to hire a compensated AASB Chair to provide the Board and our stakeholders the support we need to develop and enhance relationships with key Canadian and international stakeholders, and develop ongoing relationships with other national standard setters that can be leveraged for increasing international influence;
- work towards developing a post-implementation review process to assess how our standards are being applied and determine if they meet market needs;
- continue enhancing our engagement with stakeholders with additional communications initiatives and face-to-face meeting opportunities, including two cross-country tours to discuss our compilation engagements and agreed-upon procedures engagements projects; and
- support challenging projects led by the IAASB by forming Canadian advisory groups, ensuring Canadians’ viewpoints are heard.
While we were focusing on positioning the AASB for the future, we were also very busy with some broad-reaching standards work. Throughout the year we worked towards an appropriate approach to adopting auditor reporting in Canada and concluded our process in April 2017 when we adopted a package of standards which will bring about a step change in improving information content and transparency in the auditor’s report. We also made significant progress on important projects related to compilations, compliance reporting and public sector assurance standards.
It’s been a privilege and pleasure to serve as the AASB Chair during such an exciting period. We’ve tackled challenging projects that impact practitioners serving all manner of services. We’ve positioned ourselves well globally by providing additional Canadian support to international projects. And, perhaps most importantly, we as a Board, AASB staff, and increasingly our stakeholders, are highly engaged. We look forward to the progress this collective enthusiasm will accomplish.
I want to thank everyone who participated in the AASB’s standard-setting activities this year and look forward to even more. Whether you’ve been a roundtable discussion participant, or responded to a document for comment, or even simply sent us an email – your contributions are vital to the work we do.
Darrell Jensen, FCPA, FCA
Chair, Auditing and Assurance Standards Board.