A message from our Chair
I am pleased to present the Reporting and Assurance Standards Oversight Council’s (Oversight Council) Annual Report for 2025-2026.
This past year marked another step forward for the Oversight Council as we continued to strengthen our oversight role and support Canada’s standard-setting system during a period of ongoing change. Our work remained focused on the public interest, transparency, and the effectiveness of oversight across all standard-setting Boards.
Throughout the year, the Oversight Council continued to oversee the due process and activities of the Auditing and Assurance Standards Board (AASB), the Accounting Standards Board (AcSB), the Canadian Sustainability Standards Board (CSSB) and the Public Sector Accounting Board (PSAB).
The Oversight Council not only assessed each Board’s annual plan and performance but also evaluated and offered feedback on their multi-year strategic plans. These discussions were informative of the Boards’ longer-term priorities and risks, as well as how they are responding to changes in the Canadian and international environment and aligning with their public interest mandates.
The Oversight Council would like to recognize the strong work of the AASB, AcSB, CSSB, and PSAB. Each Board demonstrated a continued commitment to due process, engagement with interested and affected parties, and responsiveness to the public interest.
Over the year, the Boards advanced important projects, addressed emerging issues, and contributed to international standard-setting discussions, while keeping Canadian perspectives in focus.
We wish to acknowledge the substantial accomplishments of the Boards we oversee. AASB Chair Bob Bosshard, AcSB Chair Armand Capisciolto, CSSB Chair Wendy Berman, and retiring PSAB Chair Clyde MacLellan lead skilled and dedicated Boards that focus on serving the public interest in Canadian reporting and assurance standards. We invite you to review the annual reports, which detail each Board’s key accomplishments for 2025-2026.
This year included several important leadership transitions.
I would like to thank Sylvie Monette, who retired from the Oversight Council on January 13, 2026, for her service as Vice-Chair. Sylvie brought strong leadership, sound judgment, and a deep commitment to the public interest. Her contributions have had a lasting impact on the Oversight Council’s work.
I am pleased to welcome Erica Teklits, an active Oversight Council member and the outgoing Chair of the Nominating Committee, who was appointed Vice-Chair effective March 3, 2026. Erica brings valuable experience and insight to the role, and I look forward to continuing our work together.
The Oversight Council also acknowledges Clyde MacLellan’s retirement as PSAB Chair, effective March 31, 2026. Clyde led the Board through a period of significant activity and change, and we thank him for his leadership and dedication. We are pleased to welcome Andrew Newman, who joined PSAB as Chair on April 1, 2026. The Oversight Council looks forward to working with Andrew in his new role.
The Oversight Council also extends its sincere thanks to retiring members Katie Dunphy, Jocelyn Patenaude, and Michael Tambosso. Each made meaningful contributions to the Oversight Council’s work and brought valuable perspectives to our discussions.
In December, the Oversight Council approved a new seat specifically for a representative from the provincial, territorial, and Bermudian (PTB) CPA bodies, increasing its total membership to 17. The PTBs nominated Geneviève Beauchemin for the position. Following the standard appointment process, Geneviève was officially appointed to the Oversight Council on January 1, 2026.
In addition, we are pleased to welcome Anna Kirovska and Josée Desjardins, who are appointed to the Oversight Council effective April 1, 2026. We look forward to their contributions in the year ahead.
Looking forward, the Oversight Council remains focused on supporting a strong, effective, and responsive standard-setting system in Canada. Our priorities include continuing to strengthen oversight practices and supporting the Boards as they respond to emerging risks and opportunities.
The evolution of Canada’s standard-setting ecosystem has been an important focus during the year. The Oversight Council has provided input on key matters such as governance, independence, and accountability to Standardsco as it moves to become a federal not-for-profit corporation. The formation of Standardsco marks an important step toward a strong, independent, and inclusive standard-setting system in Canada.
I would like to thank my fellow Oversight Council members, the Board Chairs, Board members, staff, and all those who contribute to Canada’s reporting and assurance standards. I look forward to another productive year.
Richard E. Talbot, FCPA, FCA, CFA, ICD.D
Chair, Reporting and Assurance Standards Oversight Council
Board Performance
A key responsibility of the Oversight Council is to assess how well the standard-setting Boards are fulfilling their mandates. Each year, the Oversight Council reviews the Boards’ performance, with a focus on adherence to due process and responsiveness to the public interest.
This year’s review highlighted:
- the Boards’ strong commitment to transparency, public interest responsiveness, and international engagement;
- the effective delivery of strategic initiatives that support timely, relevant, and high-quality standards; and
- opportunities to continue strengthening engagement with interested and affected parties, including further inclusion of Indigenous perspectives in Board activities.
The Oversight Council confirmed that each Board performed well during the year and met its annual objectives in line with its strategic plans. The Boards advanced important projects that contribute to the quality and consistency of reporting and assurance standards in Canada. The Oversight Council remains confident in the Boards’ ability to uphold due process, respond to emerging issues, and maintain high standards in their work.
For more information on each Boards’ activities and achievements in 2025-2026, please read their reports:
Retirements, Appointments, and Members
The effectiveness of the Oversight Council depends on the dedication and expertise of its members. We thank the following members for their service and contributions.
- Departing members:
- Katie Dunphy, GCB.D, IMSD
- Jocelyn Patenaude, FCPA
- Michael A. Tambosso, FCPA, FCA
- Newly appointed member (effective January 1, 2026):
- Geneviève Beauchemin, CPA Auditor
- Newly appointed members (effective April 1, 2026):
- Josée Desjardins, MBA, ICD.D
- Anna Kirovska, B.A., M.A., J.D.
To learn more about Oversight Council members, please visit the Members page.
Board and Oversight Council Appointments
The Oversight Council is responsible for overseeing the appointment process for members of the standard-setting Boards and the Oversight Council. This year, several appointments and reappointments were made to support continuity, effective governance, and strong leadership across the system.
For details on this year’s appointments, visit the Appointments, Reappointments, and Retirements page.
Looking Ahead
Looking ahead, the Oversight Council remains focused on:
- continuing to strengthen and improve standards oversight;
- supporting effective engagement with interested and affected parties to ensure Canadian standards continue to meet evolving public interest needs; and
- continuing to support the establishment of Standardsco.
We look forward to another year of effective oversight and continued progress in supporting high-quality reporting and assurance standards in Canada.
For more information about the Oversight Council and our role, visit our web page.