Page 3 - Auditing and Assurance Standards Oversight Council Public Report for the period ended August 31, 2015
P. 3

Message from the Chair

I am pleased to present the Auditing and Assurance Standards
Oversight Council (AASOC) Public Report for 2014-2015. This report
highlights AASOC’s major activities and accomplishments over
the past year. In addition, this report contains information intended
to support AASOC’s conclusion that its oversight activities were
performed in accordance with AASOC’s policies.

Providing Effective Oversight

AASOC was established in 2002 to provide oversight over the
Canadian Auditing and Assurance Standards Board (AASB), which
is responsible for setting standards for auditing, other assurance and related services
in Canada. AASOC’s responsibilities were expanded in 2009 to also provide oversight over the
activities of the Independence Task Force of the Public Trust Committee. The Independence
Task Force is charged with developing rules of professional conduct in Canada regarding
AASOC’s oversight has two principal aspects — to appoint or vet the appointments of qualified
persons as standard setters, and to oversee the standard setters to ensure that they follow due
process to take into account the public interest.
AASOC’s Nominating Committee, chaired by Stan Pasternak, works diligently to consider the
appropriate attributes of potential new members for the AASB, identify new candidates and
make recommendations regarding appointments. The Nominating Committee also reviews the
composition of the membership of the Independence Task Force. By ensuring the right people
are involved in the process, public confidence in the standards they set is increased.
Oversight of standard setting also involves ensuring that the AASB and the Independence Task
Force follow due process and thereby carefully consider public interest issues. This is especially
important in Canada, where the public accounting profession has a great deal of influence in
setting the standards. The oversight process is intended to provide reasonable assurance that,
in setting standards, the interests of the profession are not put ahead of the needs of other
stakeholders by ensuring that the views of all types of stakeholders are proactively sought and
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