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1. Canadian Public Accountability Board (CPAB) The new representative from the CPAB was introduced. - 2. Report on a Meeting with the CICA President
The Chair reported that a meeting had been held with the CICA President at which the following matters were discussed: - the future direction of the AASOC, including matters with respect to the AASOC fulfilling its mandate of oversight of assurance standard-setting in Canada;
- suggestions as to possible candidates to replace the current AASOC Chair and other members whose terms are ending; and
- matters related to the formation of an Independent Standards Board (ISB) in Canada. The International Federation of Accountants (IFAC) has been active in developing a Code of Ethics and the objective is to have the international code eventually adopted in Canada. However, it was acknowledged that significant differences exist between the IFAC Code (including proposed revisions) and existing rules in place in the various Canadian provinces.
3. Nominating Committee The Chair of the Nominating Committee reported on the status of the AASOC membership advising that recruiting will be done for regular voting members of the AASOC and a new Chair. It was the view of the Nominating Committee that the new Chair should not be a CA, nor a CSA, OSFI or CPAB appointee. - 4. Ad Hoc Committee Report on Fulfilling the AASOC’s mandate
The Ad Hoc Committee of the AASOC presented a draft report and an overview of the discussions held to date. The AASOC members made a number of suggestions, including the need to: - develop a communications plan;
- assess the work of the Public Interest Oversight Board (PIOB), if the AASOC is going to rely on the PIOB oversight of the International Standards on Auditing (ISAs);
- provide the AASOC with sufficient financial and staff resources independent of the CICA;
- include user group representatives on the AASB;
- develop standards that do not raise unreasonable expectations of the public accounting profession; and
- establish an AASOC sub-committee to review the AASB’s due process for individual standards that are not ISAs.
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