Auditing and Assurance Standards Oversight Council. Clarity: What the Public Interest Means to AASOC

Transcription

1 Auditing and Assurance Standards Oversight Council Clarity: What the Public Interest Means to AASOC Public Report September 1, 2015 March 31, 2016

2 ii AASOC Public Report Table of Contents Message from the Chair 1 Nominating Committee Report 4 Quality Assurance Committee Report 6 About AASOC 8 Appendix A: AASOC Quality Assurance Committee Report to AASOC on Oversight Activities 10 Appendix B: Memberships for the year April 1, 2015 to March 31,

3 1 Message from the Chair I am pleased to present the Auditing and Assurance Standards Oversight Council (AASOC) Public Report. This report highlights our major activities and accomplishments. In addition, it contains information intended to support our conclusion that our oversight activities were performed in accordance with our policies. William J. McFetridge, LLB, FCPA, FCA, Chair We have changed our reporting period to realign with our fiscal year and with the reporting period of the Auditing and Assurance Standards Board (AASB). As a result, this report covers the seven-month period from September 1, 2015 to March 31, 2016, except for the report from the Quality Assurance Committee, which covers April 1, 2015 to March 31, The theme of this year s Public Report is Clarity: What the Public Interest Means to AASOC. This theme recognizes our efforts to clarify for our stakeholders what the public interest means. Our mission statement requires that we serve the public interest by overseeing and providing input to the development of auditing and assurance standards and independence rules in Canada. We carry out this mission by overseeing the activities of the AASB and the Independence Task Force of the Public Trust Committee. In so doing, we ensure that they follow due process to take into account the public interest. Accordingly, it is critical for us and our stakeholders to have a common understanding as to what the public interest is. Identifying the public interest in the context of auditing, assurance and independence is not an easy task. We first considered what the public interest broadly means to us and to our stakeholders. We then considered how it can be met by both those setting standards, and by us, in providing effective oversight. By settling upon what the public interest means, we are establishing a measure against which the activities of the standard setters can be evaluated. This is a meaningful and timely undertaking for anyone with interest in standard setting in Canada. We believe that we will not be the only ones that can benefit from this exercise. Other standard setters and their oversight bodies will be able to refer to our discussions and conclusions over time. We expect to release a paper on this issue in August The new

4 2 AASOC Public Report Chair of our Quality Assurance Committee, Bruce Winter, deserves special recognition for taking the lead on this important project. We also discharged our responsibility of overseeing the AASB and the Independence Task Force. The AASB continues to deal with proposed changes to Canadian standards for auditor reporting. This project will introduce significant far-reaching changes to the auditor s report. The standards are still going through due process by the AASB. We believe that the AASB needs to keep in mind the needs of Canadian stakeholders to ensure an effective implementation of the new auditor reporting standards. We expect the end result will be an improved auditor report, with better, more transparent information for users. As the AASB embarks on implementing its Strategic Plan for , there will be new areas and topics to consider. We are seeing demands for revisions to auditing, other assurance and related services standards to reflect the increased use of technology. There are also requests for assurance on different types of subject matter. At the same time, there is a continuing focus on auditor reporting and audit quality. It is imperative that the standard setters keep abreast of these demands and developments to ensure that they continue to meet the needs of their stakeholders. The new AASB Strategic Plan is a key change in the evolution of the AASB. It will have implications on the work that we do for example, as we ensure the proper composition and skills of the AASB members and staff. The AASB may also need to revise its due process with our input. Our role will be to oversee the direction the AASB takes on these initiatives. We closely monitor the activities of the AASB through reviews of its operating plans, annual reports and the development of its strategic plans. We receive regular updates so that we can stay well informed on developments and ensure our job is done. The Independence Task Force continues its work to consider changes to implement a more clearly articulated framework for the Canadian independence standards. Under the proposed framework, future changes to Canadian independence standards would be based on automatic adoption of changes to independence requirements included in the International Ethics Standards Board for Accountants (IESBA) Code of Ethics, unless such changes would make existing Canadian standards less stringent or such changes would be considered contrary to the public interest in Canada. Revisions would be made to conform to the Canadian drafting format. The Task Force finalized revisions to rules of professional conduct dealing with breaches of independence rules and contingent fees. We concluded that the Task Force followed due process in developing and finalizing these changes. The Task Force also issued a Consultation Paper proposing a framework to be applied in developing Canadian rules on independence. We are monitoring the activities of the Task Force in responding to comments it heard on exposure

5 Message from the Chair 3 of its Consultation Paper. We believe that the Task Force is following appropriate due process in considering these changes. Our Nominating Committee continued its ongoing efforts to identify and recruit high-quality members for both AASOC and the AASB. My term as Chair was extended for one extra year. However, the Nominating Committee is active in trying to find my replacement and a number of other members whose terms are expiring. Thank You and Farewell David Rattray s term on AASOC ended on March 31, David was a dedicated and valuable member of AASOC for a number of years. David brought a wealth of experience and expertise to AASOC, particularly his deep knowledge of the public sector. On behalf of AASOC, I thank David for his many insights and other significant contributions to our activities. I would also like to thank Phil Cowperthwaite for his efforts as the first Chair of the Quality Assurance Committee for the past few years. This Committee has been instrumental in developing our oversight process including starting our review of the public interest as it applies to our oversight responsibilities. Phil is stepping down as Chair but, very fortunately for us, has agreed to act as the first Chair of our ad hoc Communications Committee. Finally, I thank all the members of AASOC, the AASB and the Independence Task Force, who generously volunteer their time and share their considerable expertise. And I encourage Canadian stakeholders to continue to provide their views, thereby contributing to the standardsetting process. By working together, we can all ensure that the public interest continues to be met and that standards in Canada are the best they can be.

6 4 AASOC Public Report Nominating Committee Report As Chair of AASOC s Nominating Committee, I am pleased to present the Nominating Committee Report for the period from September 1, 2015 to March 31, Stan Pasternak, MBA AASB During this period, we issued a Call for Nominations to identify candidates to fill three vacancies on the AASB. We received a number of applications from across Canada and one from overseas. The quality of the candidates was high, with candidates having a wide variety of experience. We reviewed all the applications received and conducted interviews with some of the candidates. With our recommendation, AASOC approved the following nominations to the AASB for threeyear terms starting on April 1, 2016: Julie Corden, CPA, CA, Deloitte Michelle Séguin, B.Com, CPA, CA, MBA, Legal Aid Ontario Jean-François Trépanier, CPA auditor, CA, Raymond Chabot Grant Thornton On our recommendation, AASOC also reappointed the following AASB members for three-year terms starting on April 1, 2016: Marcel Couture, CPA auditor, CA, Vérficateur général du Québec Michael Frankel, FCPA auditor, FCA, Richter Anna Moreton, CPA, CA, Wolrige Mahon AASOC also reappointed Jim McCarter, FCPA, FCA, for a one-year term starting on April 1, 2016.

7 Nominating Committee Report 5 On the completion of the term of the AASB Chair, we recommended, and AASOC approved, the following appointments for two years starting on April 1, 2016: Darrell Jensen, CPA, CA, Ernst & Young as AASB Chair Fred Pries, CPA, CA, University of Guelph as AASB Vice Chair AASOC We have continued in our efforts to identify candidates for current and upcoming vacancies on AASOC. We issued a Call for Nominations and received a few applications. A number of AASOC members will be retiring next year, so we decided to extend a second call for nominations and consider all the applications received at one time. The second call for nominations will be circulated in May We also have continued to reach out to our contacts in efforts to find a suitable candidate for the soon-to-be vacant Chair position. We hope to identify a candidate early in the next year to provide a sufficient transition.

8 6 AASOC Public Report Quality Assurance Committee Report Phil Cowperthwaite, FCPA, FCA The Quality Assurance Committee undertook three significant tasks. We: developed a paper outlining what is meant by the public interest; developed a framework for communication with stakeholders; and completed our annual assessment of the oversight activities performed by AASOC. Public Interest We developed a draft paper outlining what is meant by the public interest and AASOC s role in ensuring that the public interest is met by the standard setters that we oversee. A draft of this paper was circulated for input to AASOC s key stakeholders and other individuals and organizations globally, many of whom expressed support for this initiative. A considerable amount of input was received. We are in the process of considering the input received and making final revisions to our paper. We hope to finalize the paper and publish it on our website in August Many thanks to Bruce Winter who performed much of the heavy lifting on this important project. Communications Framework In , we undertook an initiative to develop a communications framework with AASOC s stakeholders. AASOC believes that it is in the public interest for stakeholders to be informed of its work, as well as the work of the standard setters. Our primary goals in developing a framework were to increase awareness of AASOC s activities and of the standard setting process in general. We began to identify the types of communications AASOC should be issuing and with whom AASOC should be communicating. Our framework recognizes that the

9 Quality Assurance Committee Report 7 standard setters also communicate directly with their stakeholders. However we recognize that we can t simply rely on communications issued by the standard setters to communicate AASOC s oversight role to AASOC s stakeholders. By ensuring that proper communication occurs with the right stakeholders, we will be able to support AASOC s mission to serve the public interest. AASOC decided to establish an ad hoc Communications Committee to implement the new framework. I will head up this Committee and Bruce Winter will take over as Chair of the Quality Assurance Committee. Annual Assessment of AASOC s Oversight Activities One of AASOC s objectives is to help generate confidence in the standards for auditing and other forms of assurance and related services, as well as for the independence rules for Canada s CPAs. For this objective to be achieved, it must be clear that the standards and rules are developed with the primary consideration being the public interest. To help establish the required clarity, we annually review the oversight activities of AASOC and determine whether those activities have been performed in accordance with AASOC s policies and procedures. We also make recommendations as appropriate to AASOC for improvement of oversight processes. Our annual report was presented to AASOC at its April 2016 meeting. The report is effective for the period from April 1, 2015 to March 31, 2016 and is attached as Appendix A. In our report, we concluded that AASOC s oversight activities were performed in accordance with AASOC s policies.

10 8 AASOC Public Report About AASOC We are an independent, volunteer body established in 2002 to serve the public interest by overseeing the activities of the Auditing and Assurance Standards Board (AASB) and the Independence Task Force of CPA Canada s Public Trust Committee. The AASB establishes standards for assurance and related services engagements in Canada. The AASB participates in consultations of the International Auditing and Assurance Standards Board (IAASB) and undertakes other activities to ensure Canadian entities needs are considered. CPA Canada s Public Trust Committee oversees the ethics standards and self-regulatory process of the accounting profession. This Committee formed the Independence Task Force to help with its review and oversight responsibilities when it comes to developing and renewing independence rules. The Independence Task Force is responsible for establishing independence rules for Canada s Chartered Professional Accountants (CPAs). Our oversight ensures that stakeholders can have confidence that Canadian auditing, other assurance and related services standards and the independence rules for CPAs have been set following a due process (which includes ensuring the public interest is considered and consulting with stakeholders takes place). AASOC s Membership We have no less than 13 and no more than 17 volunteer voting members. Many of our members are prominent regulators and business leaders. Our membership consists of senior members from: the accounting and legal professions; the financial community; industry; academia; and regulators. Members have a broad perspective of the complex issues facing standard setters.

11 About AASOC 9 Operating costs Our members volunteer their time. Our fiscal year ends on March 31. Operating costs for the year ended March 31, 2016 relating to such activities as meetings, travel and translation were approximately $125,000 and were funded by CPA Canada. CPA Canada also provides all staff support as we consider necessary to fulfil our terms of reference.

12 10 AASOC Public Report Appendix A: AASOC Quality Assurance Committee Report to AASOC on Oversight Activities Under terms of the mandate of the AASOC Quality Assurance Committee as set out in its quality assurance process for standard-setting oversight, the Quality Assurance Committee: annually reviews the oversight activities of AASOC, including annual and other oversight functions, asserts whether those activities have been performed in accordance with AASOC s policies and procedures and makes recommendations as appropriate for improvement of oversight processes; annually reviews the oversight of the composition of the AASB and AASOC; and triennially reviews AASOC s Terms of Reference and Oversight Framework and Operating Plan and makes recommendations to AASOC for change(s) as appropriate. These reviews are reported to AASOC at its first meeting after March 31. The report of the AASOC Quality Assurance Committee is noted in the AASOC minutes available to the public. Following is the report of the Quality Assurance Committee on activities of AASOC for the period from April 1, 2015 to March 31, Overarching comments on the oversight process AASOC s Quality Assurance Committee met four times. Summary conclusion AASOC s oversight activities have been performed in accordance with AASOC s policies and procedures.

13 Appendix A: AASOC Quality Assurance Committee Appendix Report A: to AASOC Quality on Assurance Oversight Committee Activities 11 Report to AASOC on Oversight Activities Annual review of the oversight activities of AASOC AASOC s goals and objectives are set out in its Oversight Framework and Operating Plan. AASOC identified specific procedures that it must follow in order to ensure oversight of the credibility of the due process followed for setting auditing, other assurance and related services standards and independence rules. AASOC measures its performance by comparing achieved outcomes to these procedures. The following report on each major activity includes a brief commentary on whether goals were met and, if not, the reasons why. Oversight of the AASB s strategic planning process and annual work plans AASOC is responsible for reviewing the AASB s strategic planning process, which occurs every five years, with the AASB at the planning stage. In each year following the issuance of its strategic plan, an annual review of the strategic plan is performed by the AASB. The AASB reports the results of this review to AASOC. Annually, the AASB discusses its proposed work plan for the upcoming year with AASOC. This discussion includes how the proposed detailed annual work plan is expected to contribute to achieving the objectives of its strategic plan. The AASB also discusses with AASOC, in advance of preparing the AASB s annual report, the AASB s performance during the past year with reference to the detailed annual work plan. AASOC Actions Review the AASB Strategic Plan. Outcomes During the year, the AASB drafted its new strategic plan. The Draft Strategic Plan for was released for public comment in November AASOC established an ad hoc committee to review the AASB s strategic planning process, review the AASB s proposals in detail and offer comments on behalf of AASOC to the AASB for consideration. AASOC received updates from the AASB on its progress to date. Following amendments based on public comments received, the final strategic plan is expected to be submitted to AASOC for approval at its meeting in July 2016.

14 12 AASOC Public Report AASOC Actions Review the AASB annual work plan. Outcomes The Annual Work Plan for was approved by the AASB at its March 2016 meeting. In developing the plan, the AASB included specific projects to begin implementation of its Draft Strategic Plan for AASOC will assess how the AASB s Work Plan for will contribute to achieving the objectives of its Strategic Plan for at its April 2016 meeting. AASOC approved the AASB Annual Report. The report summarizes the AASB s achievements compared to its goals set in its Draft Strategic Plan and Annual Work Plan. Conclusion AASOC s oversight of the AASB s strategic planning process and annual work plans was performed in accordance with AASOC s policies and procedures. Recommendations for improvement of the oversight process The Quality Assurance Committee recommends that the ad hoc committee, established to review the AASB s strategic planning process, be formalized. Going forward, the Committee will be responsible for completing a detailed review of the AASB s five-year strategic plan each time a new plan is developed. Evaluating the credibility of the due process for developing and issuing standards AASOC s goal is to ensure that the AASB and the ad hoc Independence Task Force of the Public Trust Committee appropriately consider public versus professional interests in the Canadian context of auditing, other assurance and related services standards, and independence rules for each project undertaken. To meet this goal, an AASOC member attends meetings of the AASB and the Independence Task Force whenever possible. Following approval by the AASB and the Independence Task Force of each standard or rule, AASOC is presented with a detailed report and a written declaration that due process was followed in the standard-setting process. The report is discussed by AASOC at an AASOC meeting and accepted if approved.

15 Appendix A: AASOC Quality Assurance Committee Appendix Report A: to AASOC Quality on Assurance Oversight Committee Activities 13 Report to AASOC on Oversight Activities AASOC Actions Continually review the effectiveness of the AASB s due process. At least one AASOC member attends the AASB and Independence Task Force meetings to observe (with speaking rights). Outcomes AASOC agreed with the AASB s decision that no changes to its due process were needed during The following 9 AASB meetings were observed: In 2015 April 14, May 19, June 8-9, July 7, September 16-18, October 14, November 30-December 1 In 2016 January 18-19, March 7-8 The following two meetings of the Independence Task Force were observed: In 2015 June 19, September 1 AASOC observers obtained direct evidence of effective due process by focusing not only on whether due process was followed but also, among other areas, on the thoroughness with which issues were debated and the level of participation by the members in the discussion. AASOC observers provided an oral report to the AASB or Independence Task Force at the end of each meeting observed and a written report to AASOC subsequent to each meeting. No significant issues with respect to due process were raised by AASOC observers to either observed committee. Ensure due process was followed. At each AASOC meeting, the AASB and the Independence Task Force reported on their discussions and conclusions on significant or contentious matters. These reports enabled AASOC to have a discussion and provide further information to assist in concluding whether due process was followed. In an annual discussion with AASOC, the AASB reports on its efforts to provide timely input to IAASB standards development.

16 14 AASOC Public Report AASOC Actions Evaluate the credibility of the standard-setting process by receiving updates from the IAASB and PIOB members at each meeting and reviewing the IAASB and PIOB annual reports. Outcomes AASOC continued to closely monitor the IAASB s progress on their projects and the actions of the AASB in response to those IAASB projects. Updates were provided at all AASOC meetings by an IAASB member. There is no longer a PIOB member who is a Canadian resident. As a result, AASOC was provided with PIOB updates that were posted on the PIOB website at each meeting. Review compliance with due process, including a review of final standards approved and basis for conclusion documents for International Standards on Auditing (ISAs) adopted as Canadian Auditing Standards (CASs) without Canadian amendments. Based on presentations to AASOC from the IAASB member, PIOB updates and review of IAASB and PIOB annual reports, AASOC concluded that the IAASB s due process for developing standards and the PIOB s oversight continue to be effective. In addition, AASOC concluded that the AASB followed its due process in approving the following ISAs adopted as CASs without Canadian amendments: various CASs to address the audit of financial statement disclosures. For made-in-canada standards proposed by the AASB, AASOC reviews the AASB s conclusions at various stages throughout the project, including when: the project proposal is approved; the exposure draft is approved; comments received on exposure are reviewed; and when the final standard is approved. For Canadian amendments proposed by the AASB to the IAASB requirements in ISAs, AASOC observed whether the AASB followed due process in developing such proposals.

17 Appendix A: AASOC Quality Assurance Committee Appendix Report A: to AASOC Quality on Assurance Oversight Committee Activities 15 Report to AASOC on Oversight Activities AASOC Actions Review compliance with due process, including a review of final standards approved and basis for conclusion documents for: made-in-canada standards; and ISAs adopted as CASs without Canadian amendments. Outcomes AASOC concluded that the AASB followed due process in approving: The Joint Policy Statement Concerning Communications with Law Firms Regarding Claims and Possible Claims in Connection with the Preparation and Audit of Financial Statements appended to CAS 501, Audit Evidence Specific Considerations for Selected Items; Canadian Standard on Assurance Engagements (CSAE) 3000, Attestation Engagements Other than Audits or Reviews of Historical Financial Information; CSAE 3001, Direct Engagements; Section 7060, Auditor Review of Interim Financial Statements; Section 7150, Auditor s Consent to the Use of a Report of the Auditor Included in an Offering Document; Section 7170, Auditor s Consent to the Use of the Auditor s Report Included in a Business Acquisition Report; and Canadian Standard on Review Engagements (CSRE) 2400, Engagements to Review Historical Financial Statements. Conclusion AASOC observers continue to be of the view that checklists prepared for meetings provided useful information and a focus for observation. Additionally, AASOC members have commented that reports prepared by the AASOC observers have been informative. AASOC s oversight of the due process for developing and issuing standards was performed in accordance with AASOC s policies and procedures. Recommendations for improvement of the oversight process The Quality Assurance Committee has no recommendations for improvement. Oversight of activities of the Independence Task Force Key Independence Task Force meetings were attended by an AASOC observer with speaking rights. AASOC also received regular reports from the Chair of the Task Force and provided the Chair directly with input on key issues. In response to concerns expressed by AASOC in the prior year with regard to establishing the Task Force and the due process it follows, AASOC met with the Chair of the Public Trust Committee to discuss its concerns. Following this meeting, AASOC issued a letter to the Public Trust Committee.

18 16 AASOC Public Report AASOC Actions Review compliance with due process, including a review of final rules. Outcomes AASOC concluded that the Task Force followed due process in approving revisions to professional rules of conduct dealing with breaches and contingent fees. Conclusion AASOC s oversight of the activities of the Task Force was performed in accordance with AASOC s policies and procedures. Recommendations for improvement of the oversight process The Quality Assurance Committee recommends that AASOC follow up with the Public Trust Committee next year on changes made to processes as a result of the discussions and letter issued. The Quality Assurance Committee has no other recommendations for improvement. Annual review of the oversight of the composition of the AASB and AASOC The AASOC Nominating Committee evaluates: the capability, competence and diversity of the members of the AASB, and the effectiveness of the AASB s self-evaluation process; and the capability, competence and diversity of the members of AASOC, and independence of AASOC as a whole in relation to the AASB. The AASOC Nominating Committee reports on its evaluation to AASOC. The Quality Assurance Committee reviews the oversight process of the Nominating Committee. AASOC Actions Criteria were established against which capabilities, competence, diversity and objectivity of the AASB and AASOC members in carrying out their responsibilities can be evaluated. The results of the evaluation were reported to AASOC by the Nominating Committee and the report was noted in the meeting minutes. AASOC reviewed the AASB s self-evaluation process. Outcomes Candidates for the AASB and AASOC for terms beginning April 1, 2016 were considered in light of established criteria. Criteria were used to assess potential new members of the AASB and AASOC. Results of the AASB s 2015 self-assessment were reviewed at AASOC s February 18, 2016 meeting. A survey addressing meeting effectiveness was completed by the AASOC members following each AASOC meeting and the results tabulated by staff and reported to the Chair. Surveys were completed by a majority of the AASOC members following each meeting. Results were distributed to AASOC at subsequent meetings.

19 Appendix A: AASOC Quality Assurance Committee Appendix Report A: to AASOC Quality on Assurance Oversight Committee Activities 17 Report to AASOC on Oversight Activities AASOC Actions Where significant issues were identified regarding an individual member of AASOC, the AASOC Chair or a designate discussed with individual members their performance at meetings. A survey of the AASOC members focusing on the overall effectiveness of AASOC was conducted and the results were reported to AASOC by the Chair. Outcomes No issues were identified that required follow up with individual members by the AASOC Chair or a designate. An annual survey of AASOC members was conducted in early 2015 and results discussed at the April 16, 2015 meeting. No significant issues were noted. Another annual survey of AASOC members was conducted in early One significant item raised by members in the survey was that priority needs to be given to implementing its communications framework. The detailed results, and plan for how to address the concerns raised regarding the communications framework, will be discussed at AASOC s April 7, 2016 meeting. Conclusion AASOC s oversight of the composition of AASOC and the AASB has been performed in accordance with AASOC s policies and procedures. Recommendations for improvement of the oversight process The Quality Assurance Committee followed up on an outstanding recommendation from to consider whether it is necessary for the AASOC Chair to discuss with each member their performance on an annual basis. The Committee determined that given the composition of the Council, one-on-one communication is only required when significant issues or concerns are noted. Triennial review of AASOC s Terms of Reference and its Oversight Framework and Operating Plan AASOC Actions AASOC carried out a comprehensive review of its Terms of Reference in Monitoring of international events and oversight of the Independence Task Force were added to the Terms of Reference, approved by AASOC and ratified by the Board of Directors of CPA Canada (the CICA at the time of approval). Outcomes The triennial review of AASOC s Terms of Reference and its Oversight Framework and Operating Plan, initially planned for 2015, was intentionally delayed. This delay will allow AASOC to align the term of their comprehensive review with other Canadian boards and oversight councils. The review will be carried out in

20 18 AASOC Public Report Conclusion AASOC s oversight of its Terms of Reference, its Oversight Framework and Operating Plan and the process for standard-setting oversight is expected to be reviewed in Recommendations for improvement of the oversight process The Quality Assurance Committee has no recommendations for improvement. Other matters The Committee activities in also included the following projects in progress intended to strengthen the oversight process: The Communication Strategy for AASOC. The Committee continued the progress made in 2015 on developing a communication strategy for AASOC. The communication framework was approved, and AASOC is currently in the process of determining the most appropriate way to implement and execute the strategy. AASOC s Consideration of the Public Interest paper. The Committee undertook an extensive process to develop a paper to explain what the public interest means to AASOC. In doing so, the Committee developed a paper which, in lieu of a definition of the public interest, outlines a series of considerations which, in AASOC s view, would be made. A draft of the paper has been presented and discussed at length with AASOC, with the expectation that the document will be approved and available for third-party distribution in the first half of

21 Appendix B: Memberships for the year April 1, 2015 to March 31, Appendix B: Memberships for the year April 1, 2015 to March 31, 2016

22 20 AASOC Public Report Auditing and Assurance Standards Oversight Council Bill McFetridge, LLB, FCPA, FCA CHAIR Bull, Housser & Tupper LLP Vancouver Jean Bédard, PhD, FCPA, FCA Université Laval Québec Carol Bellringer, FCPA, FCA Auditor General of British Columbia Victoria Phil Cowperthwaite, FCPA, FCA Cowperthwaite Mehta Toronto Shannon Gangl, BCom, LLB Burnett Duckworth & Palmer LLP Calgary John Gordon, CPA, CA, ICD.D, CFA KPMG LLP Toronto Cameron McInnis, CPA, CA, CPA (Illinois) Ontario Securities Commission Toronto Susan McIsaac, FCPA, CPA McIsaac & Darragh Amherst Martin Ouellet, BCom Corporate Director Outremont Stan Pasternak, MBA Consultant Toronto Michael Volker, MASc, P.Eng Vancouver Bruce Winter, FCPA, CPA Toronto Non-voting Members Brian Hunt, FCPA, FCA, ICD.D Canadian Public Accountability Board Toronto Cathy MacGregor, CPA Chair, AASB Grant Thornton LLP Halifax Ron Salole CPA Canada Nominee on the IAASB Waterdown Karen Stothers, CPA, CA Office of the Superintendent of Financial Institutions Canada Toronto Michael Tambosso, FCPA, FCA Chair, Independence Task Force Newmarket Eric Turner, CPA, CA Director, Auditing and Assurance Standards Staff Support Karen DeGiobbi, CPA, CA Principal, Auditing and Assurance Standards Jacqui Kuypers, CPA, CA, MBA Principal, Auditing and Assurance Standards David Rattray, FCPA, FCGA, FCIS, CMC, CIA Public Accountability Consulting Inc. Ottawa

23 Appendix B: Memberships for the year April 1, 2015 to March 31, AASOC Nominating Committee Stan Pasternak, Chair John Gordon Bill McFetridge Michael Volker Non-voting Member Cathy MacGregor Staff Support AASOC Quality Assurance Committee Jacqui Kuypers Phil Cowperthwaite, Chair Shannon Gangl Bill McFetridge Susan McIsaac Stan Pasternak Bruce Winter Staff Support Karen DeGiobbi Jacqui Kuypers

24 22 AASOC Public Report Auditing and Assurance Standards Board 277 Wellington Street West Toronto, Ontario M5V 3H2 Canada