Standards digest: accounting and standard-setting in Canada — May 2016

Five new chairs and vice-chairs have joined Canada’s accounting and auditing standard-setting boards and oversight councils. Plus, Chi Ho Ng, principal with the Auditing and Assurance Standards Board staff, discusses Canada’s involvement with the international project Agreed-Upon Procedures.

HOT TOPIC

New board and oversight council leadership

Peter Jewett, Miville Tremblay, Linda Mezon, Darrell Jensen, Fred Pries 

Effective April 1, we’re pleased to announce that new chairs and vice-chairs will be joining several of Canada’s accounting and auditing standard-setting boards and oversight councils.

Accounting Standards Oversight Council: Appointed as chair and vice-chair, respectively, for three-year terms ending March 31, 2019:
• Peter Jewett, LLB, Torys LLP
• Miville Tremblay, CFA, Bank of Canada

Accounting Standards Board: Reappointed as chair for a five-year term ending March 31, 2021:
• Linda Mezon, FCPA, FCA, CPA (MI)

Auditing and Assurance Standards Board: Appointed as chair and vice-chair, respectively, for two-year terms ending March 31, 2018:
• Darrell Jensen, CPA, CA, Ernst & Young
• Fred Pries, CPA, CA, University of Guelph

Q&A

Canada’s Seat at the International Table: Agreed-Upon Procedures

Chi Ho NgCanada’s Auditing and Assurance Standards Board (AASB) adopts international standards for audits of financial statements. For other engagements, the AASB may develop a made-in-Canada solution or adopt an International standard developed by the International Auditing and Assurance Standards Board (IAASB). The AASB contributes to the development of international standards by participating in consultations and activities of the IAASB to ensure Canadian entities’ assurance needs are considered.

Q: What is an example of how Canada is involved with the international project Agreed-Upon Procedures?

A: Chi Ho Ng, principal, AASB staff: On May 3, some members of the AASB are meeting with the IAASB Agreed-Upon Procedures working group updating the international standard.

This meeting will give the IAASB the opportunity to learn about Canadian stakeholders’ needs when it comes to agreed-upon procedures, while at the same time giving the AASB the chance to learn about the most up-to-date developments on this coming standard.

Canada is playing a leadership role on this project. Ron Salole is the IAASB working group chair (Salole is the former vice-president of standards at the Canadian Institute of Chartered Accountants, now CPA Canada), and I’m acting as the project manager.

Right now, the project is at the information gathering stage and, so far, I can say that Canadian and international feedback is in sync.

Stay tuned for more information on this project via www.frascanada.ca/agreeduponprocedures.

DOCUMENTS FOR COMMENT

Get your voice heard

Respond to these open documents for comment today:

Accounting Standards for Private Enterprises
Discussion Paper, Agriculture: comments due May 19

Assurance and Related Services Standards (other than CASs)
Re-exposure Draft, Use of the Practitioner’s Communication or Name: comments due May 13

Access these documents and keep up to date with projects, effective dates of new standards and how to get involved in the standard-setting process by visiting www.frascanada.ca.
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