The boards establish and maintain standards on accounting and auditing to serve the public interest.
The oversight councils appoint board members and oversee and provide input into the boards’ activities, ensuring that the process for setting standards functions as it should.
Members of the boards and oversight councils are mainly volunteers and represent a wide range of individuals with various backgrounds from both the private and public sectors, such as financial statement preparers and users, auditors, academics and regulators.
The diverse makeup of the boards and oversight councils’ volunteer members ensures that differing viewpoints are considered when developing standards.
This enables the boards and oversight councils to serve the public interest through a process free of undue influence from specific professions, organizations and other groups.
Support for Canada’s Independent Standard-setting Process
The Chartered Professional Accountants of Canada (CPA Canada) provides funding, staff and other resources to support an independent standard setting process that is delivered through Canada’s accounting and audit and assurance standards boards and oversight councils.
Understanding financial reporting and assurance standards is a key competency for Chartered Professional Accountants (CPAs). As a result, CPA Canada provides non-authoritative implementation guidance, tools and education for its members to support them in the consistent application of accounting and auditing standards.
How the Boards and Oversight Councils Operate with Respect to CPA Canada
CPA Canada and the boards and oversight councils operate at arm’s length from one another. This ensures that the boards and oversight councils are able to carry out their standard-setting operations independently and without any undue influence.
The staff resources that support the boards and oversight councils are CPA Canada employees. However, these employees take their direction on standard setting from the boards and do not vote on, or make decisions regarding, any proposed or approved standard.