Canada’s Reporting and Assurance Oversight Councils Announce Transition to Single Oversight Council
Apr 01, 2024
On April 1, 2024, Canada’s reporting and assurance oversight councils announced the establishment of the Reporting & Assurance Standards Oversight Council (the Oversight Council), an essential step towards enhancing standard-setting efficiency and connectivity in Canada to equip investors with better tools for evaluating companies’ acquisitions.
The Independent Review Committee on Standard Setting in Canada recommended that an effectiveness review be conducted with the assistance of an independent third party to help streamline and harmonize oversight activities and processes. In response to the results, the Effectiveness Review Joint Taskforce and the current oversight councils approved that a single council be created to oversee standard setting for accounting, audit and assurance, and sustainability.
This decision consolidates the activities of three oversight bodies – the Auditing and Assurance Standards Oversight Council (AASOC), Accounting Standards Oversight Council (AcSOC), and the Canadian Sustainability Standards Board (CSSB) Implementation Committee – streamlining the processes and activities for accounting, audit, assurance, and sustainability standard setting.
The Oversight Council is effective from April 1, 2024, and will focus its initial work on establishing its operations and governance processes. It will begin its formal oversight work on July 1, 2024. The current oversight bodies will conclude their operations on June 30, 2024.
Access the press release on the FRASCanada website.