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Canada’s Reporting and Assurance Oversight Councils Announce Transition to Single Oversight Council for Streamlined Standard Setting

April 1, 2024 News

Toronto, ON, April 1, 2024 – Canada’s reporting and assurance oversight councils are pleased to announce the establishment of the Reporting & Assurance Standards Oversight Council (the Oversight Council), an important step towards enhancing standard-setting efficiency and connectivity in Canada.  

The Independent Review Committee on Standard Setting in Canada recommended that an effectiveness review be conducted with the assistance of an independent third party to help streamline and harmonize oversight activities and processes. In response to the results, the Effectiveness Review Joint Taskforce recommended, and the current oversight councils approved, that a single council be created to oversee standard setting for accounting, audit and assurance, and sustainability.  

This decision consolidates the activities of three oversight bodies – the Auditing and Assurance Standards Oversight Council (AASOC), Accounting Standards Oversight Council (AcSOC), and the Canadian Sustainability Standards Board (CSSB) Implementation Committee – streamlining the processes and activities for accounting, audit, assurance, and sustainability standard setting. 

Reflecting on this transformative change, Kevin Nye, outgoing AASOC chair and co-chair of the CSSB Implementation Committee expressed, "The establishment of the new Oversight Council marks a significant milestone in our journey towards optimized standard-setting processes. Centralizing the oversight function will foster more connectivity between boards, leading to improved efficiencies and effectiveness in delivering high-quality standards in the public interest." 

The Oversight Council is effective on April 1, 2024, and will focus its initial work on establishing its operations and governance processes. It will begin its formal oversight work on July 1, 2024. The current oversight bodies will conclude their operations on June 30, 2024. 

Reporting & Assurance Standards Oversight Council appoints Chair, to follow a pragmatic multi-year approach to recruitment

Richard Talbot, a Chartered Professional Accountant (Fellow) and Chartered Financial Analyst with over 25 years of investment research and capital markets experience, has been appointed inaugural Chair.  

Lorraine Moore, outgoing AcSOC chair and co-chair of the CSSB Implementation Committee, said, "We welcome Richard Talbot as the inaugural Chair. With his extensive experience and commitment to a unified oversight approach, Richard is well poised to guide the Oversight Council through its formative years. I look forward to seeing this new body advance its objectives under his capable leadership."  

In response, Richard Talbot, inaugural Chair, added, "It is a great privilege to assume leadership of this new Oversight Council. The creation of a unified oversight function reflects a forward-thinking approach, in line with our dedication to setting high-quality standards and achieving standard-setting efficiencies. I am excited to collaborate with my esteemed colleagues to ensure standard setting meets the evolving needs of Canadians in the public interest."  During its inaugural year, the Oversight Council will comprise 15 members and three regulators who are transitioning from the existing oversight bodies, thereby ensuring continuity, and minimizing disruption amid this significant transition.  

  • Donna Bovolaneas, FCPA, FCA – Independent Director 
  • Susan Campbell, FCPA, FCA – Consultant and Independent Director   
  • Earl Davis, CFA, MBA, C. Dir – Managing Director, BMO Fixed Income and Money Markets  
  • Katie Dunphy, GCB.D, IMSD – Partner, ESG KPMG    
  • Terry Goodtrack, MPA, FCPA, FCGA, CAFM, CAPA, C. Dir - President and CEO, AFOA Canada  
  • Stacy Hammett, CPA, CA – Senior Director, Inspections and Audit Standards Leader, Canadian Public Accountability Board 
  • Dee Henne, CPA, MBA – Chief Executive Officer, Lead  
  • Kevin Hoyt, FCPA, FCGA, ICD.D - CEO, Financial and Consumer Servies Commission of New Brunswick (Canadian Securities Administrator Appointee) 
  • Michael Jacobs – Chairman and CEO Cambium Indigenous Professional Services 
  • Ken Leung, CPA, CA – Managing Director, Accounting Policy Division, Office of Superintendent of Financial Institutions 
  • Sylvie Monette, FCPA (Vice Chair) – Vice President, Finance and Corporate Controller, Cirque du Soleil  
  • Don Newell, FCPA, FCA, ICD.D - Independent Director  
  • Jocelyn Patenaude, FCPA – Senior Consultant, BCGO S.E.N.C.R.L  
  • Fred Pries, PhD, FCPA, FCA – Associate Professor Emeritus, Department of Management, University of Guelph  
  • Richard Talbot, FCPA, FCA, CFA (Chair) – Independent Director 
  • Michael Tambosso, FCPA, FCA – Independent Director   
  • Erica Teklits, FCPA, FCA – Independent Director  
  • Beili Wong, FCPA, FCA, CIA, CISA, MBA, C.Dir - Comptroller General of Ontario  

Over the next two years, some members will retire from their appointments, and the Council will actively recruit new members, broadening its expertise and perspectives and enhancing its capacity for effective oversight. This multi-year transition plan is also aimed at proactively balancing membership in consideration of attributes like geography and the proportion of Chartered Professional Accountants (CPAs) on the Council.  

About AASOC 

The Auditing and Assurance Standards Oversight Council (AASOC) is an independent, volunteer body established by the Canadian Institute of Chartered Accountants (now Chartered Professional Accountants of Canada) in 2002. It serves the public interest by overseeing and providing input on the activities of the AASB, which sets standards for assurance and related service engagements. Reporting to the public and consisting of prominent leaders from business and regulators, AASOC’s responsibilities include appointing AASB members, providing input on strategic priorities and evaluating the performance of the AASB. 

About AcSOC

The Accounting Standards Oversight Council (AcSOC) is an independent, volunteer body established in 2000 to serve the public interest by overseeing and providing input into the activities of the Accounting Standards Board (AcSB). In 2003, AcSOC started overseeing and providing input into the activities of the Public Sector Accounting Board (PSAB). 

For further information:

Daniella Girgenti, Director, Communications – Standards 
Financial Reporting & Assurance Standards Canada 
[email protected]