The Auditing and Assurance Standards Oversight Council (AASOC) is an independent, volunteer body that the Canadian Institute of Chartered Accountants (CICA)* established in 2002 to serve the public interest by overseeing and providing input into the activities of the Auditing and Assurance Standards Board (AASB).
Why AASOC Matters
- ensures that the Canadian public can have confidence in both the quality of auditing and independence standards, and the credibility of the process by which those standards are set;
- assures the integrity of Canada’s capital markets;
- allows businesses to operate on a level playing field; and
- gives Canadians a clear picture of the state of corporations and marketplaces.
View AASOC’s Terms of Reference.
Please note: AASOC is empowered by CPA Canada to take necessary, reasonable actions to carry out its responsibilities.
AASOC has no less than 13 and no more than 17 volunteer voting members. View current AASOC members.
Many of its members are prominent regulators and business leaders. AASOC’s membership consists of senior members from:
- the accounting and legal professions;
- information technology; and
- financial analyst communities amongst others.
Members of AASOC have a broad perspective of the complex issues facing standard setters.
AASOC normally meets four times a year. To better serve AASOC’s objectives, additional meetings and conference calls may take place.
At the Chair’s discretion, meetings are open to public observation. Read the Guidelines for Observers for information on attending AASOC meetings.
View AASOC meeting calendar.
AASOC’s Relationship with CPA Canada
CPA Canada is the national organization representing the Chartered Professional Accountants (CPA) profession in Canada. CPA Canada provides funding, staff and other resources to support an independent standard-setting process.
CPA Canada and the boards and oversight councils function at arm’s length from one another. As a result, the boards and oversight councils, as well as their staff, carry out their standard-setting operations in an independent manner.
* The CICA, CGA-Canada and CMA Canada have since consolidated under the CPA Canada banner as the profession’s national body.