The process for setting accounting and auditing standards in Canada is getting a review of its own by an independent committee.
The Accounting Standards Oversight Council (AcSOC) and the Auditing and Assurance Standards Oversight Council (AASOC) have launched a review of standards setting by forming a committee to examine the governance and structure of the existing process.
That committee, led by veteran securities lawyer and regulator Ed Waitzer, will make recommendations on standards setting to ensure that the Canadian system remains “independent and internationally recognized,” it said.
The review and accompanying consultations will be carried out over the coming year.
“It is an appropriate time to review the current standard-setting structure and governance to ensure it will meet future needs in such areas as environmental, social and governance reporting,” said Kevin Nye, chair of the AASOC, in a release.
Along with Waitzer, the committee includes: Sonia Baxendale, president and CEO of the Global Risk Institute; John Gordon, former managing partner at KPMG; Geordie Hungerford, CEO of First Nations Financial Management Board; Michael Jantzi, CEO of Sustainalytics; Stéphanie Lachance, managing director, responsible investment, at PSP Investments; Paul Rochon, former deputy minister of finance; and, Marie-Soleil Tremblay, professor of accounting at École nationale d’administration publique.