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Reporting & Assurance Standards Oversight Council

About RASOC

Established in 2024, the Reporting & Assurance Standards Oversight Council is an independent, volunteer body dedicated to serving the public interest.

The oversight council oversees and provides input into the activities of four standard-setting boards:

Key Roles of the Oversight Council

  • Strategic Guidance: Engages in and advises on strategic direction and priority setting
  • Due Process: Ensures that the boards follow due process in their activities

Responsibilities of the Oversight Council

  • Monitoring and Evaluation: Assesses the performance of the boards
  • Appointments: Appoints oversight council members and members of the standard-setting boards

Oversight Council Members

The oversight council typically comprises 14-16 members, including representatives from:

  • Canadian Securities Administrators (CSA)
  • Office of the Superintendent of Financial Institutions (OSFI)
  • Canadian Public Accountability Board (CPAB)

The oversight council actively seeks diverse representation in terms of Indigenous peoples, skills, experience, and expertise.

Members come from various sectors including business, finance, government, academia, accounting, legal, private sector, and not-for-profit.

Transitional Measures

In 2024, the oversight council will have 18 members as a transitional measure, adjusting to 16 members by 2025.

Geographic diversity and the balance of practising CPAs will be enhanced over the next two years.

Meetings

The oversight council meets four times a year, with additional meetings scheduled as needed.

Most meetings are open to the public for observation, except for administrative matters.

Relationship with CPA Canada

Chartered Professional Accountants of Canada (CPA Canada) provides funding, staff, and other resources to support standard setting. The oversight council operates independently from CPA Canada, ensuring unbiased oversight.

This chart describes the relationship between the Boards and Oversight Councils of Financial Reporting and Assurance Standards Canada, and Chartered Professional Accountants of Canada.