Page 4 - Auditing and Assurance Standards Oversight Council Public Report for the period ended August 31, 2015
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2 AASOC Public Report 2014-2015

appropriately responded to. For example, AASOC members attend meetings of the AASB and
the Independence Task Force to observe the proceedings and make comments when they feel
the public interest is perhaps not being appropriately considered.

I am pleased to report that the AASB and the Independence Task Force have responded to
our oversight process suitably. During the year, AASOC confirmed that the AASB followed due
process in approving standards dealing with reviews of interim financial statements, reporting
on supplementary matters and two umbrella assurance standards for engagements other than
audits or reviews of historical financial information. In all cases, AASOC felt that the public
interest had been properly considered by the AASB.

The AASB continues to deal with proposed changes to Canadian standards for auditor reporting.
The standards are still going through due process and continue to be a major subject of debate
by the AASB. Many stakeholders in Canada have expressed diverse views on the adoption and
implementation of the revised auditor reporting International Standards on Auditing (ISAs) in
Canada. AASOC continues to monitor the due process being followed by the AASB in adopting
these ISAs, in accordance with AASB’s published criteria for such adoption.

Communicating to Stakeholders

During the year, the Quality Assurance Committee of AASOC undertook the task of developing
a communication framework. This framework will help AASOC ensure that, going forward, more
people will become aware of AASOC and the work that it does in the public interest.

Thank You and Farewell

The terms of three members of AASOC ended on March 31, 2015. Cal Buss, Michael Hafeman
and Jim Sylph were dedicated and valuable members of AASOC for a number of years. Cal
is the global audit quality partner at Deloitte, Michael was a member of the International
Public Interest Oversight Board and Jim was a senior advisor to the International Federation
of Accountants. Each brought a wealth of experience and expertise to AASOC. I thank Cal,
Michael and Jim for their many insights and other significant contributions to AASOC’s activities.

Effective April 1, 2015, I was pleased to welcome new AASOC members Carol Bellringer, who is
the Auditor General of British Columbia, John Gordon, who is the Canadian Managing Partner
of Audit at KPMG, and Bruce Winter, who recently retired as a partner from PWC and has
former roles as Chair of the AASB and as a member of the IAASB.

I thank all the members of AASOC, the AASB and the Independence Task Force, who
generously volunteer their time and share their considerable expertise. And I encourage
Canadian stakeholders to continue to provide their views, thereby contributing to the
standard-setting process. By working together, we can all ensure that the public interest
continues to be met and that standards in Canada are the best they can be.

William J. McFetridge, LLB, FCPA, FCA
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