Page 5 - Auditing and Assurance Standards Oversight Council Public Report for the period ended August 31, 2015
P. 5
About the Auditing and Assurance Standards Oversight Council 3

About the Auditing and Assurance
Standards Oversight Council

The Auditing and Assurance Standards Oversight Council (AASOC) is an independent,
volunteer body established in 2002 to serve the public interest by overseeing the activities
of the Auditing and Assurance Standards Board (AASB) and the Independence Task Force
of CPA Canada’s Public Trust Committee.

The AASB establishes standards for assurance and related services engagements in Canada.
The AASB also contributes to the development of International Standards on Quality Control
(ISQCs), International Standards on Auditing (ISAs), International Standards on Assurance
Engagements (ISAEs), International Standards on Review Engagements (ISREs) and
International Standards on Related Services (ISRSs). The AASB adopts ISQCs and ISAs as
Canadian Standards on Quality Control (CSQCs) and Canadian Auditing Standards (CASs),
and considers, on a case-by-case basis, whether to adopt other international standards. The
AASB participates in consultations of the International Auditing and Assurance Standards Board
(IAASB) and undertakes other activities to ensure Canadian entities’ needs regarding auditing
and other assurance and related services are considered.

The Independence Task Force is responsible for establishing independence rules for Canadian
Professional Accountants (CPAs).

AASOC normally meets four times a year. AASOC’s oversight ensures that
stakeholders can have confidence
that Canadian auditing, assurance
and related services standards and
the independence rules for CPAs
have been set following a due
process (which includes ensuring
the public interest is considered
and consulting with stakeholders
takes place).
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