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The Auditing and Assurance Standards Board (AASB) is a Canadian organization that establishes standards for assurance and related services engagements. The AASB contributes to the development of International Standards on Auditing (ISAs), which it adopts as Canadian Auditing Standards (CASs), by participating in consultations and activities of the International Auditing and Assurance Standards Board (IAASB) to ensure Canadian entities’ auditing needs are considered.
Contents
- Why the AASB Matters
- The AASBs Responsibilities
- AASB Stakeholders
- AASB Membership
- Setting AASB Agendas
- AASB Meetings
- The AASBs Relationship with CPA Canada
- About AASOC
- Why AASOC Matters
- AASOCs Responsibilities
- AASOCs Membership
- AASOC Meetings
- AASOCs Relationship with CPA Canada
- References
The Auditing and Assurance Standards Oversight Council (AASOC) oversees the activities of the AASB and ensures it follows its rigorous due process. AASOC appoints AASB members and provides input on strategy and priorities. AASOC also assesses and reports to the public on the performance of the AASB.
Why the AASB Matters
The general public and stakeholders in the Canadian economy need reliable information to make financial decisions. The AASB’s strong and clear auditing, assurance and related services standards raise the credibility of public accountants.
The AASB's Responsibilities
See the AASB’s Terms of Reference.
AASB Stakeholders
The AASB serves a number of stakeholders, including:
AASB Membership
13 voting volunteer and two non-voting members make up the AASB. View current AASB members.
The AASB membership consists of a diverse group of members with a range of experience from various locations across Canada.
The Board’s support staff includes:
The Board also hires consultants as the need arises.
Setting AASB Agendas
The AASB’s Strategic Plan sets the direction and priorities for its activities. The Board’s efforts are focused on the development, adoption and implementation of standards addressing:
The AASB’s work program is also influenced by the work program of the International Auditing and Assurance Standards Board (IAASB).
AASB Meetings
AASB normally meets five times a year. To better serve the AASB’s objectives, additional meetings and conference calls may take place.
View the AASB meeting calendar.
The AASB's Relationship with CPA Canada
CPA Canada is the national organization representing the Chartered Professional Accountant (CPA) profession in Canada. CPA Canada provides funding, staff and other resources to support an independent standard-setting process.
CPA Canada and the boards and oversight councils function at arms-length from one another. As a result, the boards and oversight councils as well as their staff carry out their standard-setting operations in an independent manner.
About AASOC
The Auditing and Assurance Standards Oversight Council (AASOC) is an independent, volunteer body that the Canadian Institute of Chartered Accountants (CICA)* established in 2002 to serve the public interest by overseeing and providing input into the activities of the Auditing and Assurance Standards Board (AASB).
Why AASOC Matters
AASOC’s oversight:
AASOC's Responsibilities
See AASOC’s Terms of Reference.
Please note: AASOC is empowered by CPA Canada to take necessary, reasonable actions to carry out its responsibilities.
AASOC's Membership
AASOC has no less than 13 and no more than 17 volunteer voting members. View current AASOC members.
Many of its members are prominent regulators and business leaders. AASOC’s membership consists of senior members from:
Members have a broad perspective of the complex issues facing standard setters.
AASOC Meetings
AASOC normally meets four times a year. To better serve AASOC’s objectives, additional meetings and conference calls may take place.
At the Chair’s discretion, meetings are open to public observation. Read the Guidelines for Observers for information on attending AASOC meetings.
View the AASOC meeting calendar.
AASOC's Relationship with CPA Canada
CPA Canada is the national organization representing the Chartered Professional Accountant (CPA) profession in Canada. CPA Canada provides funding, staff and other resources to support an independent standard-setting process.
CPA Canada and the boards and oversight councils function at arms-length from one another. As a result, the boards and oversight councils as well as their staff carry out their standard-setting operations in an independent manner.