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AcSOC Public Meeting Report – April 14, 2021

At its virtual meeting held on April 14, 2021, AcSOC received discussed the following:

Chair’s Opening Remarks

AcSOC Chair Miville Tremblay thanked Council members for attending this special Council meeting and welcomed new Council member Terry Goodtrack.

AcSB’s Draft Strategic Plan

AcSOC received the AcSB’s 2022-2027 Draft Strategic Plan, which covers the broad objectives that will guide the Board in achieving its public interest mandate over a five-year period. The draft included discussions on the Board’s core strategies, vision statement, and mission statement.

AcSOC members provided the Board Chair and the Director with their feedback for the Board’s consideration.

The AcSB expects to issue its Draft Strategic Plan for public consultation in Q2 2021.

Approval of Blue-ribbon Panel’s Terms of Reference

At the Council’s February 11-12, 2021 meeting, AcSOC and AASOC made the decision to launch a blue-ribbon panel to conduct an independent review of the standard- setting ecosystem in Canada, the Council reviewed a draft of this committee’s Terms of Reference its April 14, 2021, meeting.

AcSOC provided input on the blue-ribbon panel’s Terms of Reference for consideration. Stephenie Fox, Vice-President, Standards, for Financial Reporting and Assurance Standards Canada, informed the Council that the Audit and Assurance Standards Oversight Council is also scheduled to review and approve the terms of reference at its meeting on April 19, 2021.

AcSOC is expected to receive the panel’s revised Terms of Reference following AASOC’s April 19, 2021, meeting. Council members will be asked for fatal-flaw comments and to approve the document.