LOCATION:
Canadian Public Accountability Board,
Suite 900, 150 York Street
Toronto, ON M5H 3S5
CHAIRPERSON:
Bruce Winter
MEMBERS:
Ian Bandeen
Carol Bellringer
Donna Bovolaneas
Sheila Filion
John Gordon
Janet Grove
Cameron McInnis
Kevin Nye
Carol Paradine (Non-voting)
Neil Sinclair
Karen Stothers (Non-voting)
John Walker
Bruce West
REGRETS:
Kathryn Bewley
GUESTS:
Gary Hannaford (Observer)
Tashia Batstone, SVP External Relations at CPA Canada (Presenter – CPA Canada Foresight Project)
Linda Mezon, Chair of the Accounting Standards Board (Presenter – Reporting Performance Measures)
Rebecca Villmann, Director of Research Initiatives (Presenter – Reporting Performance Measures)
OTHER REGRETS:
Jeremy Justin, CPAB
Michael Tambosso, Independence Task Force Chair
OTHER ATTENDEES:
Noor Abu-Shaaban, Principal, Standards
Ken Charbonneau, Chair, AASB
Johanna Field, Principal, AASB
Stephenie Fox, Vice President, Standards
Eric Turner, Director, AASB
SECRETARY:
Birender Gill, Principal, AASB
Chairman’s Opening Remarks
Bruce Winter welcomed everyone to the meeting and thanked Carol Paradine for hosting the meeting at the Canadian Public Accountability Board’s (CPAB) office. Mr. Winter noted that this is his last AASOC meeting. He informed the Council that Gary Hannaford, a new AASOC member effective April 1, 2019, has joined the meeting as an observer. Mr. Winter then announced that Kathryn Bewley, Jeremy Justin, and Michael Tambosso will not be attending, but that Mr. Tambosso has provided his comments in advance of the meeting. Mr. Winter advised the Council to expect one registered observer to join the meeting. He also informed the Council of the passing of Michael Ferguson, former Auditor General of Canada and offered his sincerest sympathies to Mr. Ferguson’s family. Lastly, Mr. Winter welcomed Johanna Field, a principal with the Auditing and Assurance Standards Board (AASB). Ms. Field will be Eric Turner’s Technical Assistant in his new role as the CPA Canada nominee at the International Auditing and Assurance Standards Board (IAASB).
Approval of AASOC Minutes
The Council recommended some minor edits to the minutes. Subject to these minor edits, the minutes of the meetings held on December 20, 2018, and on February 1, 2019, were approved.
AASB Due Process
Section 7170, Auditor’s Consent to the Use of the Auditor’s Report in Connection with a Designated Document
AASB Chair, Ken Charbonneau directed the Council’s attention to the meeting materials on Section 7170, Auditor’s Consent to the Use of the Auditor’s Report in Connection with a Designated Document. He explained that public companies often request auditors to consent to using the auditor’s report in connection with a designated document. Mr. Charbonneau noted that the public interest considerations related to this project are laid out in the Basis for Conclusions (which is included in the Council’s meeting materials). The one area that the Board spent a large amount of time deliberating pertains to the format of the consent - oral versus written. Mr. Charbonneau explained that the AASB sought stakeholders’ input on whether the auditor’s consent should be required to be in writing. He noted that the AASB deliberated the stakeholder feedback on this issue and did not identify any compelling reasons to require the consent to be in writing.
One member asked why the auditor is required to provide consent to the use of the auditor’s report for a public company. Mr. Charbonneau explained that the auditor needs to know what the client is using the audit opinion for. He also noted that the purpose of an audit report is outlined in an engagement letter, which serves as the contract between the entity and the auditor. In the case that the entity intends to use the audit report for a reason not outlined in the engagement letter, the auditor’s consent is required.
A few members expressed concern about the fact that the AASB is permitting the use of oral consent. One member stated that it is crucial to provide written documentation where important decisions are made. Mr. Charbonneau said that this decision is consistent with the existing standard and provides flexibility for both parties involved (e.g., to address timing issues that may arise). He further noted that the Board was not aware of any issues with current practice and no concerns were identified on exposure. The Council decided to revisit this discussion on the second day and asked Mr. Charbonneau to provide more information.
The CPAB representative expressed concern that Section 7170 no longer deems the auditor to be associated with the Annual Information Form (AIF). Mr. Charbonneau replied that under the existing standards, the auditor is deemed to be associated with the AIF and is required to comply with Section 7500, Auditor’s Consent to the Use of the Auditor’s Report in Connection with Designated Documents. The revised standard does not deem the auditor to be associated with the AIF because this document does not meet the definition of a designated document. Further, if the auditor is requested to consent in connection with the AIF, the auditor would refer to Canadian Standards on Association (CSOA) 5000, Use of the Practitioner’s Communication or Name.
The Council continued its deliberations on the second day. Mr. Charbonneau noted that although the standard allows for oral communication, in general practice, most practitioners seek written consent. The auditor is required to document the form and content of the consent, regardless whether the consent is in writing or verbal.
The Council concluded that the AASB has followed due process with proper regard for the public interest in developing and approving Section 7170.
Performance Review Committee
Bruce West, Chair of the Performance Review Committee, (PRC) informed the Council that two of the recommendations of the joint subcommittee between AASOC and the Accounting Standards Oversight Council (AcSOC) related directly to the PRC. The first was the establishment of a PRC by AASOC and the second was that separate terms of reference be developed for each of the standing committees of both councils. AASOC’s PRC considered and approved a draft in late 2018. The Council was asked for feedback on the PRC’s Terms of Reference.
The Council provided its feedback and approved the PRC’s new Terms of Reference. No one abstained.
On another note, Mr. West informed the Council that the PRC met on January 30, 2019, to discuss the AASB’s performance and annual plan. Mr. West noted that he will provide his input throughout the Board’s Annual Plan presentation.
AASB Annual Plan
With regards to the AASB’s 2018-2019 Annual Plan, Ken Charbonneau stated that the Board has performed a nine-month review of the current annual plan for the period ended December 31, 2018. He noted that the Board has exceeded its 2018-2019 Annual Plan in some areas and is behind in others; namely, post-implementation review and public sector auditing standards, which will be deferred until the spring of 2019.
In discussing the AASB’s 2019-2020 Annual Plan, Mr. Charbonneau said that the approach to developing this plan was comprehensive. He reminded the Council that the Board is halfway through its 2016-2021 Strategic Plan. The approach to developing the 2019-2020 Annual Plan included performing an environmental analysis, which was then compared against the its five-year Strategic Plan. Staff then reviewed the mid-term progress toward the Strategic Plan by determining if anything needs to be done in 2019-2020 to ensure that all the Board’s strategic objectives will be met. At the end of this assessment, the Board concluded that all actions will be completed by the end of the Strategic Plan period. There were only two areas that were not 50 per cent complete at the time of the assessment:
- Objective A: Maintain Globally Respected Standard-Setting Capability – Continued relevance and added value of audits, other assurance and related services; and
- Objective C3: Successful Implementation – Consider results of post-implementation reviews
Bruce West informed the Council that the PRC has reviewed and discussed the AASB’s mid-term assessment of the Strategic Plan, the nine-month review of the 2018-2019 Annual Plan and its draft 2019-2020 Annual Plan at the PRC’s January 30, 2019, meeting. Mr. West further added that the PRC agrees with the Board’s Strategic Plan assessment and the its nine-month review. He also noted that the PRC is satisfied that the 2019-2020 Annual Plan would provide a basis for it to assess the Board’s performance for the year ended March 31, 2020.
One member asked if the delays in the AASB’s 2018-2019 Annual Plan are a result of staffing shortfalls. Mr. Charbonneau said that an analysis concluded that the Board is appropriately staffed to address the 2019-2020 Annual Plan. The Board delayed work on its post-implementation review of one standard because stakeholders were asked to respond to Exposure Drafts on some significant standard projects including Auditor Reporting and Quality Management. The Board was concerned about placing an additional burden on stakeholders by conducting its post-implementation review during this already busy period. Further, its work on developing guidance on applying assurance standards in the public sector is progressing and will be completed in the first half of next year.
A few members asked Mr. Charbonneau how the AASB has addressed pressing issues, such as cryptocurrencies and artificial intelligence (AI). Mr. Charbonneau replied that the Board has proposed and supported a discussion group of key stakeholders (securities regulators, audit inspectors, CPA Canada, and Board staff). It will discuss urgent issues relating to cryptocurrencies and bring standards matters to the Board’s attention. Eric Turner also noted that the Board and CPA Canada are actively researching and working on material pertaining to cryptocurrencies. The Board is involved and engaged proactively in identifying and responding to the need for standards or guidance on emerging issues.
Another member asked how the AASB uses technology to gather stakeholder feedback and translate documents. Stephenie Fox, Vice President Standards, replied that in the past the only way to gather stakeholder input was to receive response letters, which is a big time-commitment for stakeholders. The Standards group uses virtual roundtables, podcasts, webinars, and other forms of communication. Mr. Turner noted gathering stakeholder feedback is much easier now with technology. He added that, as part of the its Compilation Engagements project, the Board is exploring how the Task Force might use technology to bring stakeholders together for their input on how the Task Force proposes to address issues arising out of the exposure draft. Ms. Fox stated that CPA Canada is investigating the use of AI for translation.
Mr. Charbonneau informed the Council that the AASB will review all comments on the Annual Plan by its meeting on March 4-5, 2019. He said that the Board will seek the Council’s final approval of the 2019-2020 Annual plan at its meeting on March 25, 2019. He thanked the Council for their input.
AASB Update
Ken Charbonneau informed the Council that he and Eric Turner will provide an update on the AASB’s activities since the last Council meeting on December 20, 2018. He reminded the Council that the auditor reporting matters were discussed at its conference-call meeting on February 1, 2019.
Mr. Charbonneau noted that there are three topics within the AASB Update to be discussed as part of this session:
- Compilation Engagement: Mr. Turner said that the compilation standard is used by a large variety of stakeholders, from large firms to small practitioners. Therefore, the Board has received a great deal of feedback on the proposed standard. He noted that the Board released the Exposure Draft, “ Compilation Engagements” on September 4, 2018, comments due by November 30, 2018. At its January meeting, the Board provided direction to the Compilation Engagements Task Force on some of the issues raised in the Exposure Draft. The Task Force will meet in February 2019 to discuss the feedback and formulate recommendations.
- Public Sector Auditing Standards: Mr. Turner noted that the Board launched this project to update and replace Sections in the Handbook dealing with the audits of public sector entities. He said that the Board reviewed and commented on a draft of the guidance for performance audits (or value-for-money audits) in the public sector developed by the Public Sector Task Force. The Board will decide whether to issue an exposure drafts at its next meeting in March 2019. Mr. Turner said that the Board has received positive feedback from legislative auditors regarding this initiative.
- Quality Management: Mr. Turner stated that through consultations with stakeholders, the IAASB identified a need to strengthen standards addressing quality control. The IAASB plans to incorporate a quality management approach and to focus on identifying, assessing, and responding to quality risks in a broad range of engagement circumstances. He added that the AASB unanimously approved exposure drafts for the equivalent standards being revised by the IAASB, with proposed Canadian amendments. Mr. Turner said that for one of the Exposure Drafts, Canadian Standards Quality Management (CSQM) 1, Quality Management for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements, the Board intends to expand the current scope of this standard to make it similar to the scope of International Standards Quality Management (ISQM) 1, which would be a significant change in Canada.
One member reiterated the importance of the quality management standards in effective audits. She also noted that the CPAB annual report will discuss further the significance of quality management standards.
CPA Canada Presentation – Foresight Project
Bruce Winter introduced Tashia Batstone, Senior Vice President, External Relations and Business Development at CPA Canada, who will present a new initiative called CPA Canada Foresight.
Ms. Batstone stated that the accounting profession is on the precipice of a fundamental transformation and how accountants respond and manage these changes will impact the future of CPAs, the accounting profession, and Canadian business. She noted that new technologies, including blockchain and AI; shifting attitudes toward inclusion and sustainability; and blurring boundaries between industries all have a profound impact on the accounting profession and the businesses CPAs support.
Foresight aims to develop a holistic view of the changing nature of business and the role of the accounting profession in Canada and around the world. The outcome of this initiative will be the development of a work plan that identifies the key projects the accountancy profession must undertake to become future-ready.
Ms. Batstone said that a multi-stakeholder (investors, preparers, auditors, regulators and other influencers) approach to consultations was used by CPA Canada to develop the work plan. Social media and AI were used to engage membership in a parallel process through a dedicated platform.
Ms. Batstone noted that there are five issues facing the accounting profession – economic, geopolitical, technological, environmental, and societal. In sharing the learnings of this project Ms. Batstone mentioned that CPAs have a role to play in how data is protected, trusted, governed and used in decision making. CPAs must consider new ways of unlocking value. Core skills such as resiliency, creativity, professional judgment, and leadership will be increasingly essential.
After a question-and-answer period, Mr. Winter thanked Ms. Batstone for presenting the CPA Canada Foresight initiative to the Council.
AASB Process on Re-exposure in Canada
Eric Turner informed the Council that the purpose of this session is to explain the rationale for, and the approach to, the re-exposure of a standard from an AASB due process perspective.
He noted that the IAASB does not normally re-expose material when the significant changes made have been in response to comments received. However, the AASB presumes that re-exposure is usually necessary when there are significant changes to an exposure draft.
In adopting the body of International Standards on Auditing (ISA) in 2010, the AASB had to consider whether changes were needed to its due process related to re-exposure. The Board decided that it will issue a re-exposure draft when matters arising from significant changes to an ISA exposure draft may have particular implications from a Canadian standpoint, even if the IAASB did not re-expose that standard. If a standard was to be re-exposed, the AASB would include the full standard but focus respondents on the aspects that may affect potential Canadian amendments. This would avoid reopening debate on other aspects of the standard that have previously been settled.
Public Interest Oversight Board (PIOB)Presentation
Bruce Winter informed the new members that AASOC partially consists of a mix of regulators, including the Office of the Superintendent of Financial Institutions (OSFI), CPAB, the Canadian Securities Administrators (CSA), and the PIOB. Karen Stothers, one of the PIOB members, provided an overview of the Public Interest Oversight Board. Mr. Winter noted that this presentation concludes the new member orientation.
Other Canadian Updates
Canadian Public Accountability Board (CPAB)
CPAB CEO Carol Paradine provided an overview of CPAB’s activities since the last AASOC meeting, including:
- CPAB has released its three-year Strategic Plan on its website. This plan focuses on four areas:
- Cultivating a proactive, adaptive and innovative culture that elevates its regulatory effectiveness;
- Driving targeted, systemic changes to accelerate audit quality improvements;
- Impacting how the future audit is performed and regulated; and
- Influencing global quality consistency.
- CPAB will release its annual report in March. The annual report will note an increased number of inspection findings in the current year as compared to the previous year.
- Ms. Paradine will have a call with the U.K. Competition and Markets Authority later in the week to provide CPAB’s input on the topic of dual auditors. She noted that some Canadian entities previously experienced dual auditors.
Bruce Winter noted that the dual-auditor responsibility is something that he practised under for one of his audits of the large banks. He noted that although there are several arguments one can make for how dual audits can drive competition matters, he is not persuaded that it improves audit quality.
Canadian Securities Administrators (CSA)
Cameron McInnis, Chief Accountant of the Ontario Securities Commission (OSC), provided the following updates:
- The CSA has had the topic of reducing regulatory burden as a priority for a few years now, and the OSC has now issued a staff notice in January regarding this topic. Mr. McInnis invited the Council to submit any comments or participate in a roundtable if they are interested.
- The CSA is still processing comments received on its proposed National Instrument (NI) 52-112, Non-GAAP and Other Financial Measures. The CSA hopes to issue NI 52-112 in the spring of 2019 and have it effective for 2020.
- The work on the proposed rule to provide CPAB with access to component auditors is completed and the CSA is going through its approval processes for planned publication in March. This rule will require component auditors to register with CPAB if access to their working papers is denied.
One member asked if the CSA received any unforeseen comments on the proposed NI 52-112. Mr. McInnis noted that some commenters have indicated that there are complexities pertaining to the proposals NI 52-II2 sets out. However, the public generally supports obtaining more clarity on non-GAAP measures.
Office of the Superintendent of Financial Institutions (OSFI)
Karen Stothers, Senior Director of the Accounting Policy Division at OSFI, provided the following updates:
- OSFI issued proposed revisions to four chapters of the Liquidity Adequacy Requirements Guideline. It has been revised to ensure its liquidity metrics remain sound and prudent in an environment where certain funding sources exhibit higher risk of withdrawal. The Guideline also discusses the requirements for net stable funding. The target effective date is January 1, 2020.
- OSFI issued additional guidance on using the domestic stability buffer to increase the market’s understanding of the purpose of the buffer and how it should be used.
Office of the Auditor General of British Columbia
Carol Bellringer, Auditor General for the Province of British Columbia, informed the Council of some issues she has been facing in her role as Auditor General.
International Updates
Public Interest Oversight Board
Karen Stothers provided the Council with the following updates:
- PIOB has not had a meeting since the Council last met in December 2018 and intends to meet in March 2019.
- PIOB submitted a comment letter to the Monitoring Group on Strengthening the Governance and Oversight of the International Audit-Related Standard-Setting Boards in the Public Interest. The PIOB’s opinion was formulated based on its experience in overseeing standard setting.
- The recruiting process for the new IAASB Chair has begun and the public call closed at the end of January 2019. The IAASB hopes to appoint a new Chair in the next six months
International Federation of Accountants (IFAC)
Stephenie Fox noted that IFAC has not met since AASOC’s last meeting in December 2018. However, Ms. Fox said that Carol Bellringer has been replaced by Sheila Fraser, former Auditor General of Canada. This makes two Canadians on IFAC, the other being Joy Thomas, President and CEO of CPA Canada.
International Auditing and Assurance Standards Board (IAASB)
Bruce Winter informed the Council that the IAASB will be meeting in Toronto in March 2019.
Eric Turner, the CPA Canada nominee at the IAASB provided the following updates:
- The IAASB held a conference call in January 2019 to approve a consultation paper on its new 2020-2023 strategy, with comments due by June 4, 2019.
- In response to the Monitoring Group discussions, the IAASB consultation paper proposes a framework on the way their activities are conducted, so that the IAASB does “the right work at the right time.” The framework’s key features include robust information-gathering and research activities and mechanisms for addressing issues and challenges on a more timely basis.
- The IAASB hopes to publish its exposure draft on the Group Audits project in December 2019.
AASOC’s role for the Independence Standing Committee
Mr. Winter reminded the Council that it met with Genevieve Mottard, Chair of the Public Trust Committee (PTC) at its December 20, 2018. Ms. Mottard gave a presentation on the Independence Standing Committee (ISC) including the draft terms of reference, the proposed composition, and the Council’s oversight. At the meeting, the Council discussed the oversight role it should play for the ISC.
Following the meeting, the Chair convened an informal committee of members interested in assisting with delineating what oversight of the ISC might look like. The Committee began by considering AASOC’s Terms of Reference and how they might be adapted to clarify the oversight role that might be appropriate for the ISC.
Mr. Winter shared a draft of AASOC’s proposed role for the ISC with Ms. Mottard. She suggested that the Council and the PTC should aim to reach an agreement on what oversight should look like for the ISC. He noted that a meeting was scheduled with Ms. Fox, Ms. Thomas and Ms. Mottard to discuss the matter further.
After some discussion, all Council members confirmed that they are comfortable with the approach set out by Mr. Winter. Mr. Winter noted that he will share any updates with the Council at its next meeting on March 25, 2019.
AASOC’s Risk Assessment
Bruce Winter noted that Stephenie Fox’s presentation on risk assessment will provide the Council with some background on how it could potentially assess its risk.
Ms. Fox said that this session is meant to inform members on how a risk assessment was performed at the AcSOC and to discuss AASOC’s approach to a risk assessment.
At its meeting on March 1-2, 2018, AcSOC decided that it should undertake a risk assessment and so an ad hoc Risk Review Committee was formed. The Committee identified 29 risks related to AcSOC, in four categories: membership, operational, strategic, and external. AcSOC members were asked to provide their input on the probability of each of the identified risks occurring and the potential impact. The results were later plotted onto a risk matrix. Ms. Fox informed the Council that the Risk Review Committee will be presenting its final report at AcSOC’s February 21-22, 2019 meeting.
She asked AASOC members for feedback on how they would like to approach a similar risk assessment for AAOSC.
One member asked if AcSOC intends to make their results public. Ms. Fox stated that AcSOC has not yet discussed this matter
Some members expressed concern that AcSOC identified too many risks, which could be condensed.
Another member noted that the report did not discuss AcSOC’s risk appetite and it was not clear whether the risks were inherent or residual.
Mr. Winter thanked Ms. Fox for her presentation and identified the members’ interest in performing a risk assessment for AASOC.
Nominating and Governance Committee (NGC)
Ms. Bovolaneas stated that the purpose of this session is to allow AASOC members to provide input on:
- how terms of members eligible for reappointment should be staggered; and
- the NGC’s draft reappointment framework for AASOC members.
She noted that because six AASOC members were appointed on April 1, 2017, the NGC would be required to (re)appoint six members on April 1, 2020. To avoid having a turnover of six members at the same time, she proposed reassessing the length of the second terms of this cohort. She further noted that in an ideal situation, an orderly changeover of annual membership would involve a maximum of three new members and perhaps another two to three reappointments.
Ms. Bovolaneas acknowledged that while this is still a year away, the NGC needs to consider this issue and make recommendations to the Council over the next recruiting cycle. This will avoid a potentially disruptive number of vacancies and brand-new appointees in 2023. This can be addressed through setting the second terms of the 2017 cohort members at different lengths. For example, some could be two years (possibly renewable for another two years), some could be three years, and some might even be four years. Finally, Ms. Bovolaneas noted that the Chair and the incoming Chair will contact each of the six individuals in the near future to get their input.
The Council agreed with the approach Ms. Bovolaneas described and expressed its support.
As for the Reappointment Framework, Ms. Bovolaneas explained that the document presented had been adapted from the AASB framework developed and approved last year. Because it had been reviewed only by the AASOC Chair, the Incoming AASOC Chair, Ms. Fox and herself, she sought the input of all Council members, including other NGC members.
One member suggested that, given the impact of technology on the accounting profession, the Council should begin to draw on technology experts and add this competency to AASOC’s composition matrix.
Ms. Bovolaneas thanked the members for their input.
Reporting Performance Measures
Mr. Winter introduced Linda Mezon, Chair of the Accounting Standards Board (AcSB) and Rebecca Villmann, Director of Reporting Initiatives and Research at FRAS Canada. Mr. Winter noted that the Council is aware of the AcSB’s work on performance measures and asked the presenters to provide the Council with more information on this initiative. He said that this presentation will be followed by a discussion of the activities the AASB performed pertaining to the relevance of audit.
Ms. Mezon noted that in speaking to the AcSB’s stakeholders it was becoming evident that they are using financial and non-financial performance measures more often. More importantly, performance measures matter to investors, contributors, lenders, and other resource providers. They rely on them for their day-to-day business decisions. To learn more on the issue, the AcSB participated in and held several roundtables, one of which was titled “Audited Financial Information: Is it Losing Relevance?” hosted by the AASB and CPAB. This roundtable included a group of senior investors who stated that only 15 to 20 per cent of the information they use to make their investing decisions is obtained from the audited financial statements.
Ms. Mezon said that in the fall of 2017, the AcSB decided to pursue this initiative, although it is outside the realm of traditional standard setting. The AcSB took on a leadership role, in Canada and globally, to enhance the quality of performance information entities choose to report. She noted that the Framework for Reporting Performance measures is voluntary guidance created to help public, private, and not-for-profit entities, as well as pension plans.
One member noted that she is a member of an audit committee and the Framework for Reporting performance measures is a great tool for those charged with governance.
With regards to the AASB’s activities on auditor reporting, Eric Turner informed the Council that in discussion with the stakeholders in 2017, the Board noted the following:
- stakeholders identify that audits are highly relevant;
- detailed knowledge about audit scope, process, and auditor accountabilities is low; and
- investors are increasingly using unaudited information to make their decisions.
The Board concluded that there is a certain role that it can play with regards to the expectation gap. Mr. Turner also identified that there could potentially be a role for the auditor with regards to non-GAAP measures.
Mr. Charbonneau informed the Council that in 2018-2019, the AASB pursued a joint research initiative with CPA Canada to gather information on the auditor’s role with regards to non-GAAP measures. He noted that the Board provided a written response to the CSA’s proposed NI 52-112. He also noted that the Board has participated in a symposium held by the Institute of Chartered Accountants of Scotland on the relevance of audit.
In 2019-2020, the AASB is continuing to work with CPA Canada on its joint research initiative and the Board also intends to issue guidance to explain the auditor’s role; specifically, what the auditor does and does not do.
One member expressed that non-GAAP performance measures are extremely important, and they are going to exist. He also applauded the AcSB and the AASB for their work on this matter.
Administrative Matters
On behalf of the Council, a few members expressed warm thanks and deep appreciation for Bruce Winter’s many years of valuable service as a member and as a Chair of AASOC.
Mr. Winter noted that serving on the Council was both an honour and a privilege and he thanked the members for their commitment and the staff for their time.
Next Meeting
The next AASOC meeting is planned for March 25, 2019 via conference call.
Termination
There being no further matters to discuss, the meeting was terminated.