AUDITING AND ASSURANCE STANDARDS BOARD ANNUAL REPORT

Transcription

1 AUDITING AND ASSURANCE STANDARDS BOARD ANNUAL REPORT

2 TABLE OF CONTENTS Overview 1 Message from the Chair 2 Report on Performance 5 Appendix 1 Status of Ongoing Standards Projects 8 Appendix 2 Use of the AASB s Resources 11 Memberships 13 ii AASB ANNUAL REPORT

3 Acronyms Used in this Report AASB AASOC CAS CPA CPAB CSAE CSRE CSRS IAASB ISA ISAE ISRE PCAOB Auditing and Assurance Standards Board Auditing and Assurance Standards Oversight Council Canadian Auditing Standard Chartered Professional Accountant Canadian Public Accountability Board Canadian Standard on Assurance Engagements Canadian Standard on Review Engagements Canadian Standard on Related Services International Auditing and Assurance Standards Board International Standard on Auditing International Standard on Assurance Engagements International Standard on Review Engagements Public Company Accounting Oversight Board AASB ANNUAL REPORT iii

4 OVERVIEW This report discusses the activities and achievements of the Auditing and Assurance Standards Board (AASB) for its operating year ended March 31, The performance indicators presented on the following pages provide an overview of the AASB s accomplishments in and how it is progressing in relation to its long-term goals and objectives. The AASB receives its terms of reference from the Auditing and Assurance Standards Oversight Council (AASOC). AASOC also appoints members to the AASB and publishes its own public report annually in the fall. The AASB s strategic plan sets out indicators for assessing the success of its work during the year in meeting its goals and objectives. Mission and Vision of the AASB The AASB s mission is to serve the public interest by setting high-quality standards and guidance that enable the public accounting profession to provide effective auditing, other assurance and related services. The AASB s vision statement is to ensure that Canada continues its strong capability for setting highquality standards for auditing, other assurance and related services that decision-makers value. Auditing and other assurance and related services standards are only one of a number of factors that affect the quality of service a practitioner provides. Other factors include: professional development and training; personal experience and competence; an accounting firm s quality control procedures; effectiveness of practice inspections; and an environment where there is support from, and appropriate interactions among, practitioners and other participants in the financial reporting supply chain. Accordingly, achieving the AASB s mission is subject to contributing factors outside the AASB s control. The AASB s strategic plan focuses on goals and objectives that are within the AASB s control and contribute to achieving its mission. The AASB has identified two long-term goals that it believes are critical to achieving its mission: set high-quality standards and guidance that meet the needs of Canadian stakeholders; and maintain a strong Canadian standard-setting capability to respond to the needs of Canadian stakeholders for standards. AASB ANNUAL REPORT

5 MESSAGE FROM THE CHAIR I am pleased to present my final communication to you as Chair of the Auditing and Assurance Standards Board (AASB). It has been an exciting and stimulating year for the AASB, with a variety of topics being addressed, from global issues relating to auditor reporting to local issues such as reporting to third parties on supplementary matters. Global Developments Auditor Reporting Over the past two years, auditor reporting has been the International Auditing and Assurance Standards Board s (IAASB) top priority. The IAASB s goal in undertaking this project is to enhance the relevance and usefulness of auditors reports and auditor reporting more broadly. A number of regulators, including the U.S. Public Company Accounting Oversight Board (PCAOB) and the European Commission, as well as institutional investor groups have called for more meaningful and transparent information in auditor s reports. In June 2013, the IAASB issued its Exposure Draft, Reporting on Audited Financial Statements: Proposed New and Revised International Standards on Auditing (ISAs). The AASB deliberated the IAASB s proposals, provided valuable and timely feedback to the IAASB, and issued its own Exposure Draft proposing no Canadian amendments to the IAASB s proposals. A webinar and face-to-face consultations with stakeholders across Canada provided useful input that was incorporated into the AASB s formal response to the IAASB. Audit Quality Audit quality remains a significant issue globally, as several stakeholders, including governments, regulators and national standard setters, continue to debate methods to enhance the quality of audits. The IAASB issued A Framework for Audit Quality: Key Elements that Create an Environment for Audit Quality in February 2014, with the AASB providing feedback that influenced this document s development. This Framework is being used to develop practical tools to help improve audit quality. For example, in Canada, CPA Canada, the Canadian Public Accountability Board (CPAB) and the 2 AASB ANNUAL REPORT

6 Institute of Corporate Directors jointly developed the publication Oversight of the External Auditor Tools for Audit Committees. The publication refers to the IAASB framework, stating that it provides a useful foundation for guidance from an audit committee perspective. On the Home Front Domestically, it has been a busy year for the AASB. The AASB approved four exposure drafts and issued new Canadian Standard on Related Services (CSRS) 4460, Reports on Supplementary Matters Arising from an Audit or a Review Engagement. These reports are sometimes called derivative reports. This standard breaks new ground in Canada, as well as globally, and should result in more consistently high-quality reports by practitioners on supplementary matters. Another key project is the revision of the review engagement standards. Many diverse views were expressed by stakeholders on important issues in response to the AASB s Exposure Draft on Canadian Standard on Review Engagements (CSRE) 2400, Engagements to Review Historical Financial Statements. The AASB continues to carefully consider all the views expressed in order to come to an appropriate conclusion on the nature and extent of revisions to be made to existing standards. The AASB also made considerable progress during the year in its work to revise standards related to capital markets (the CPA Canada Handbook Assurance s 7000 series of Sections). Shortly after year end, the AASB is expected to approve revisions to Section 7050, Auditor Review of Interim Financial Statements, and an exposure draft of revisions to Section 7500, Auditor s Consent to the Use of the Auditor s Report in Connection with Designated Documents. Looking Ahead Near the end of the year, the AASB decided to defer its self-imposed deadline of March 31, 2016 for having all standards in the CPA Canada Handbook Assurance drafted in the clarity format and containing a consistent approach to issues that are common to various types of standards. This decision was made primarily for two reasons. As noted above, the revisions to the review engagement standards have proven controversial and the AASB needs to take more time to appropriately reach consensus on significant issues raised by stakeholders. Also, there are some issues that are common to review engagement and compilations engagements, so the project to revise Section 9200, Compilation Engagements, was delayed somewhat, but will start in the fall of In addition, the AASB decided that there is no urgent need to immediately convert Section 7200, Auditor Assistance to Underwriters and Others, to the clarity format. That standard deals with matters particular to auditors interaction with underwriters; the AASB is not aware of any significant issues regarding Section 7200 that need to be addressed in the near term. The AASB completed the first year of its strategic plan for During the next year, the AASB will start looking ahead to developing its strategic plan. The resulting plan will take changes in both global and domestic environments into account. The IAASB has already begun consulting on its future direction and the AASB will provide input on that, based on views expressed by Canadian stakeholders. AASB ANNUAL REPORT

7 Final Thoughts I would like to express my sincere appreciation to my fellow AASB members, as well as Glenn Rioux, Greg Shields and all of the AASB staff, for their continuing effective and efficient support of the AASB. My thanks also go to our Canadian stakeholders, who respond to exposure drafts and take the time to participate in webinars and consultation sessions. I have very much enjoyed my time on the AASB, including serving as its Chair for the last two years. The AASB and task force members, all of whom are volunteers, have brought extraordinary energy, dedication and knowledge to the standard-setting process. Interacting with them to resolve the myriad of issues faced when setting standards was stimulating and very rewarding for me. I have every confidence that my successor, Cathy MacGregor, will capably lead the AASB in meeting future challenges. I wish the AASB every success in its endeavors. Mark Davies, CIA, CPA, CA Chair 4 AASB ANNUAL REPORT

8 REPORT ON PERFORMANCE This section outlines the AASB s objectives and performance indicators set in its Strategic Plan and its actual performance against these measures for the year ended March 31, Goal A: Set high-quality standards and guidance that meet the needs of Canadian stakeholders Objective Performance Indicator Status for year ended March 31, 2014 Standards for audits of financial statements and other historical financial information are based on International Standards on Auditing (ISAs) issued by the IAASB with limited amendments. Other standards are responsive to specifically identified needs of Canadian stakeholders. The structure of the CPA Canada Handbook Assurance promotes consistency of application of the standards, reflects how they are used in practice and supports their future development. Follow the AASB s established due process for all IAASB ISA projects and issue a final Canadian Auditing Standard (CAS) within three months of issuance of an ISA by the IAASB. Complete highest priority projects set out in annual operating plans by planned completion dates. Establish an operating plan such that the new structure will be in place by March 31, Objective achieved The AASB issued its exposure draft on auditor reporting two months after the IAASB issued its exposure draft. No final ISAs were issued during the year by the IAASB. Most aspects of the objective were achieved The AASB prepares a project progress report for each meeting to track the progress of all projects. The project progress report identifies and tracks the progress of 14 Canadian unique projects, as well as any projects of the IAASB, the progress of which is dependent on IAASB timing. Of the 14 projects, eight were on track or slightly behind (one quarter or less) the targets that were set at the beginning of the year. Five projects were on hold or deferred. Only one project (engagements to report on compliance with agreements, statues and regulations) was delayed significantly, as the AASB identified additional issues that needed to be addressed. Most aspects of the objective achieved The AASB prepares a project progress report for each meeting to track the progress of all projects. Five projects are currently on hold one indefinitely (Section 7200), two due to staffing constraints (Section 7600 and future-oriented financial information) and two pending the conclusion of other projects (compilation engagements and performance auditing standards). The AASB believes that the remaining projects will be completed or near to completion by March 31, AASB ANNUAL REPORT

9 Goal A: Set high-quality standards and guidance that meet the needs of Canadian stakeholders Objective Performance Indicator Status for year ended March 31, 2014 The AASB assists in the development of implementation guidance that promotes the consistent and appropriate application of standards. Follow the AASB s established policy. Objective achieved Performed fatal flaw reviews of an Auditing and Assurance Bulletin on the function of a walk-through in understanding internal control relevant to the audit and the guide, Reporting Implications of new Auditing and Accounting Standards (10 th, 11 th and 12 th editions). Goal B: Maintain a strong Canadian standard-setting capability to respond to the needs of Canadian stakeholders for standards Objective Performance Indicator Status for year ended March 31, 2014 The AASB s standard-setting due process results in standards that are in the public interest. Stakeholders are informed about and have sufficient opportunity to contribute to the standard- setting process. Receive AASOC s confirmation that due process was followed prior to issuing all final standards. The website is updated according to agreed process guidelines. Document response periods ordinarily at least 90 days. Objective achieved AASOC confirmed that the AASB followed due process in issuing the new CSRS 4460, Reports on Supplementary Matters Arising from an Audit or a Review Engagement. Objective achieved All deadlines for website updates met. Document response periods for Canadian only exposure drafts were as follows: CSRE days CSRS days Section days (shorter than 90 days because targeted consultations with affected stakeholders were planned) Exposure draft response period for auditor reporting was 32 days in order to meet IAASB deadlines. 6 AASB ANNUAL REPORT

10 Goal B: Maintain a strong Canadian standard-setting capability to respond to the needs of Canadian stakeholders for standards Objective Performance Indicator Status for year ended March 31, 2014 The AASB maintains Canada s influence at the IAASB. Attend annual National Standard Setter meeting; volunteer to participate on one IAASB initiative coming out of the meeting. Objective Achieved The AASB Chair and Director, Auditing and Assurance Standards, attended the National Standard Setter meeting in May The AASB promotes the understanding and acceptance of new standards by key stakeholders. Place Canadian resources on new IAASB standards projects that are critical to the Canadian environment, as measured by the AASB. Provide an AASB response to all IAASB documents for comment. Obtain above average assessment rating from the IAASB (for example, Chair, selected members and IAASB technical staff) annually, as to the AASB s contribution to IAASB s activities, including responses to IAASB exposure drafts. Follow the AASB s established communications plan. AASB Chair and/or AASB staff meets at least once a year with each of the following key stakeholders: Canadian Council of Legislative Auditors; Canadian Securities Regulators; Canadian Public Accountability Board; Provincial institutes of chartered accountants/ordre of chartered professional accountants; and CPA Canada groups. N/A There were no new IAASB projects during the year. Responded to the following IAASB documents for comment by the response deadline: Framework for Audit Quality Auditor Reporting IAASB Future Strategy and Work Program The IAASB does not formally rate the contributions to its efforts made by national standards setters such as the AASB. However, positive informal feedback was received. Objective achieved Communications were issued according to the AASB s communications plan. Meetings were held as planned throughout the year with all key stakeholder groups. Overall assessment for : The majority of objectives for the year were achieved. Actual progress made during the year largely met targets set at the start of the year. A few projects were delayed to enable the AASB to appropriately deal with diverse input obtained from stakeholders. Also, one project was significantly delayed as complex questions arose regarding the relationship between umbrella assurance standards and subject-matter-specific standards, which need to be resolved before proceeding with revising certain standards. With two years before the March 31, 2016 deadline, the AASB is on track to complete at least 80% of its Handbook clarification and revision initiative. The AASB continues to make good progress towards achieving its longer term goals. AASB ANNUAL REPORT

11 APPENDIX 1 STATUS OF ONGOING STANDARDS PROJECTS Adoption of International Standards on Auditing Auditor Reporting Regulators and users of audited financial statements have asked that more information be provided in auditors reports about the auditor s perspectives regarding significant matters in the financial statements, as well as about the conduct of the audit. This is the IAASB s top priority project. As the AASB is committed to adopting ISAs, the AASB has also given this project highest priority. During the year, the IAASB issued its Exposure Draft, Reporting on Audited Financial Statements: Proposed New and Revised International Standards on Auditing (ISAs). The AASB subsequently issued its own Exposure Draft in September 2013 and held a webinar to inform participants of the proposals. Registration and participation for this webinar were very high. The AASB also conducted consultations similar to those held in to obtain additional input from Canadian stakeholders. The AASB used this input in drafting its response to the IAASB s Exposure Draft. The IAASB aims to approve final Auditor Reporting ISAs in the fall of The AASB will then decide on adopting these revised ISAs as CASs, including whatever amendments are needed, in accordance with AASB s criteria for such amendments. Auditing Financial Statement Disclosures Financial statement disclosures have become more detailed and complex as a result of evolving financial reporting standards. Disclosures are a fundamental part of the financial statements, seen as an increasingly important way for preparers to communicate deeper insights about the entity s financial position and financial performance than is possible through the primary financial statements alone. The objective of the IAASB project is to gain a robust understanding of the views and perspectives on issues relevant to auditing disclosures in a financial statement audit. In March 2014, the IAASB approved an exposure draft of revisions to certain ISAs dealing with disclosures in the audit of financial statements. The AASB provided input to the IAASB on key issues. The AASB expects to issue its own exposure draft by early June AASB ANNUAL REPORT

12 Responsibilities Relating to Other Information Revised ISA 720, The Auditor s Responsibilities Relating to Other Information in Documents Containing Audited Financial Statements, will specify appropriate responsibilities of the auditor relating to a range of other information in documents containing audited financial information. Responses by stakeholders to the IAASB s Exposure Draft of proposed revised ISA 720 issued in November 2013 proved to be quite diverse. Based on input received, the IAASB decided that significant changes were needed and, in April 2014, issued an Exposure Draft re-exposing revisions to ISA 720. Keeping pace with the IAASB, the AASB expects to issue its own exposure draft in May Development of Canadian Standards on Other Assurance and Related Services Engagements Standards for Assurance Engagements In September 2013, the IAASB approved International Standard on Assurance Engagements (ISAE) 3000, Assurance Engagements Other than Audits or Reviews of Historical Financial Information. It provides much more detailed and comprehensive requirements and supporting guidance than the extant ISAE. During the IAASB s project, the AASB raised significant issues with how the proposed ISAE would deal with direct engagements. In the end, the IAASB decided that ISAE 3000 would deal with attestation engagements (i.e., not specifically cover direct engagements). The AASB approved an exposure draft in early 2014 proposing to adopt ISAE 3000 as Canadian Standard on Assurance Engagements (CSAE) 3000, Attestation Engagements Other than Audits or Reviews of Historical Financial Information. Also, because direct engagements are commonly performed in Canada, especially by public sector auditors, the AASB developed and approved its exposure draft of CSAE 3001, Direct Engagements. These exposure drafts are expected to be released in the summer of Standards for Review Engagements In June 2013, the AASB issued an Exposure Draft of a proposed revised review engagement standard based largely on the IAASB s recently revised International Standard for Review Engagements (ISRE) 2400, Engagements to Review Financial Statements. A webinar was held and consultations conducted in the fall to obtain input from Canadian stakeholders. Both were well attended. As well, several written responses to the Exposure Draft were received. Stakeholders had widely varying views on the proposals and the AASB is carefully considering these responses in how best to proceed. Capital Market Standards (7000 series of Sections) The AASB issued an Exposure Draft of proposed Section 7060, Auditor Review of Interim Financial Statements, which will replace Section 7050 (with the same name). The AASB deferred indefinitely the project to revise Section 7200, Auditor Assistance to Underwriters and Others, and discussed issues related to the revision of Section 7500, Auditor s Consent to the Use of the Auditor s Report in Connection with Designated Documents. AASB ANNUAL REPORT

13 Communications with Law Firms The AASB commenced work on a project to revise 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 Canadian Auditing Standard (CAS) 501, Audit Evidence Specific Considerations for Selected Items. The AASB expects to issue an exposure draft of a revised Joint Policy Statement in the summer of Reports on Supplementary Matters In recent years, practitioners have received an increasing number of requests from various regulatory bodies for reports on information about the entities being audited. These reports deal with matters about which the practitioner may become aware while completing an audit or review engagement, but that go beyond the scope of that audit. There were also requests from government funding agencies for practitioners to report separately on detailed schedules of information underlying financial statement items without doing any further audit work on these schedules. From time to time, practitioners have asked what standard should be applied when responding to these requests. In August 2013, the AASB issued an Exposure Draft of Canadian Standard on Related Services (CSRS) 4460, Reports on Supplementary Matters Arising from an Audit or a Review Engagement. Webinars and consultations were conducted to inform stakeholders of the key aspects of the proposed standard and to obtain their input. In March 2014, the AASB unanimously approved the final standard. Association The AASB continued its work to revise Section 5020, Association. There are many issues to be dealt with in this project because of its complex interrelationship with many other ongoing standards. The project is progressing as planned. The AASB expects to issue an exposure draft in the autumn of Special Reports Assurance on Compliance with Agreements, Statutes and Regulations Practitioners are often asked to provide assurance on an entity s compliance with statutes, regulations and agreements. In 2011, the AASB approved a project to draft in the clarity format and revise, if necessary, Sections 5800, Special Reports Introduction, 5815, Special Reports Audit Reports on Compliance with Agreements, Statutes and Regulations, and 8600, Reviews of Compliance with Agreements and Regulations. The project was put on hold for approximately two years until umbrella standards for assurance engagements were developed. During , the AASB debated issues regarding the revision of these standards, including the relationship between subject-matter-specific standards such as these and the umbrella assurance standards (i.e., CSAE 3000 and CSAE 3001). The AASB will continue to discuss these issues with a goal of issuing an exposure draft in the autumn of Agreed-Upon Procedures In January 2014, the AASB approved a project proposal to revise and redraft Section 9100, Reports on the Results of Applying Specified Auditing Procedures to Financial Information Other than Financial Statements. Throughout the next year, the AASB will discuss issues related to this project. 10 AASB ANNUAL REPORT

14 APPENDIX 2 USE OF THE AASB S RESOURCES AASB Performance Activities (hours) AASOC support 3% Auditing standards 9% Administration 23% Planning and processes 1% Liaison 10% Other standards 33% Maintain strong Canadian standard-setting capability 6% Implementation guidance 2% Structure of CPA Canada Handbook Assurance 13% AASB ANNUAL REPORT

15 Staff Resources (hours) Activity % % Set high-quality standards and guidance Auditing standards 9 19 Other standards Other, including Handbook structure and implementation guidance Maintain a strong Canadian standard-setting capability 6 8 Administration, planning and processes Liaison 10 8 AASOC support Staff resources devoted to auditing standards decreased this year. A significant amount of time was spent in the prior year dealing with matters related to future changes in auditor reporting standards. The Exposure Draft was issued in September While staff dedicated significant time to this important project, the time required was less than in Because fewer staff resources were dedicated to the Auditor Reporting project, more time was available for other standards projects and other standards and guidance, including those projects noted in Appendix 1. Financial Resources Costs Actual $ Budget $ Actual $000 Human resources 1,403 1,493 1,403 Meetings and travel Translation Occupancy Consulting Administration AASB Total 1,959 2,155 1,926 Meetings and travel costs were under budget because actual locations of international meetings were different than what was expected when the budget was set. Differences in the timing of various domestic meetings and related project work also contribute to the variance. Translation costs were much lower than both budget and the prior year actual. This is partly a timing issue some lengthy standards that were expected to be finalized mid-way through the year were not finalized until closer to the end of the year and, therefore, the full costs of translation were not incurred by the year end. Consulting costs were over budget as the budget did not anticipate hiring a consultant during the year to assist on a specific project. 12 AASB ANNUAL REPORT

16 MEMBERSHIPS Standing (back row), L-R: Chi Ho Ng, Alan Reynolds, Eric Turner, Marian McMahon, Dave Rasmussen, Marcel Couture, Anna Moreton, Fred Pries, Jim McCarter; Standing (middle row), L-R: Jacqui Kuypers, Svetlana Berger, Lisa Blackburn, Michael Frankel; Sitting (front row), L-R: Greg Shields, Mark Davies, Cathy MacGregor Auditing and Assurance Standards Board Mark Davies, CIA, CPA, CA CHAIR KPMG LLP Cathy MacGregor, CA VICE-CHAIR Grant Thornton LLP Halifax Alodie Brew, CPA, CA PwC LLP Marcel Couture, CPA auditeur, CA Vérificateur général du Québec Québec Michael Frankel, FCPA auditeur, FCA Richter S.E.N.C.R.L. Montreal Darrell Jensen, CPA, CA Ernst & Young LLP Andrew Macartney, CPA, CA Deloitte LLP Jim McCarter, CPA, CA AASB ANNUAL REPORT

17 Marian McMahon, CPA, CA Office of the Auditor General of Canada Ottawa Anna Moreton, CA Wolrige Mahon LLP Vancouver Fred Pries, PhD, CPA, CA University of Guelph Guelph Dave Rasmussen, CPA, CA BDO Canada LLP Alan Reynolds, MBA Surrey Non-Voting Members Glenn Rioux, MM, CPA, CA Vice-President, Standards Greg Shields, CPA, CA Director, Auditing and Assurance Standards John Wiersema, FCPA, FCA Orleans Staff Support Jacqui Kuypers, CPA, CA Auditing and Assurance Standards Auditing and Assurance Standards Staff Director Greg Shields, CPA, CA Principals Svetlana Berger, CPA, CA Lisa Blackburn, CPA, CA Juli-ann Gorgi, CPA, CA Jacqui Kuypers, CPA, CA Chi Ho Ng, CPA, CA, CPA (IL) Eric Turner, CPA, CA Administrative Assistant Ritu Parhar Audit Reporting Implications of the New CASs Task Force Gord Briggs, CPA, CA Ernst & Young LLP Julie Corden, CPA, CA Deloitte LLP Sophie Gaudreault, CPA, CA PwC LLP Claudia Leonardi, CPA auditrice, CA KPMG LLP Montreal Dave Rasmussen, CPA, CA BDO Canada LLP Gregg Ruthman, CPA, CA Office of the Auditor General of Canada Ottawa Jean-Francois Trepanier, CPA auditeur, CA Raymond Chabot Grant Thornton LLP Montreal Observer Mark Pinch, CPA, CA Ontario Securities Commission Staff Support Eric Turner, CPA, CA Auditing and Assurance Standards 14 AASB ANNUAL REPORT

18 International Auditing and Assurance Standards Board Voting Member John Wiersema, FCPA, FCA Orleans Technical Advisor Greg Shields, CPA, CA Director, Auditing and Assurance Standards Joint Policy Statement with CBA Task Force Darrell Jensen, CPA, CA Ernst & Young LLP Anna Moreton, CA Wolrige Mahon LLP Vancouver Michael Strain, CPA, CA CIBC Observer Bill McFetridge, LLB, FCA Bull, Housser & Tupper LLP Vancouver Non-Voting Member Glenn Rioux, MM, CPA, CA Vice-President, Standards Staff Support Svetlana Berger, CPA, CA Auditing and Assurance Standards Reporting on Supplementary Matters Task Force Travis Leppky, CA, CISA BDO Canada LLP Winnipeg Agnes Dykstra, CPA, CA PwC LLP Anne-Marie Ethier, CPA, CA Deloitte LLP Ottawa Maurice LaPlante, CPA, CA Office of the Auditor General of Canada Ottawa Suzanne Tucker, CMA Deposit Insurance Corporation of Ontario Observer Laural Ross, CPA, CA, CIA Office of the Superintendent of Financial Institutions Ottawa Staff Support Jacqui Kuypers, CPA, CA Auditing and Assurance Standards Ian McConnan, FCA Edmonton Jean Francois Trepanier, CPA auditeur, CA Raymond Chabot Grant Thornton LLP Montreal AASB ANNUAL REPORT

19 Review Engagements Task Force Gordon Cummings, CA, CPA (IL) D&H Group LLP Vancouver Colleen Cashion, CA Calgary Mina Farinacci, CPA auditrice, CA BDO Canada LLP Montreal Kelly Khalilieh, CPA, CA Ernst & Young LLP Gordon Moore, FCA Halifax Observers David Kennedy, BMath, CPA, CA Institute of Chartered Accountants of Ontario Annie Smargiassi, CPA auditrice, CA Ordre des CPA du Québec Montreal Staff Support Svetlana Berger, CPA, CA Auditing and Assurance Standards Securities Regulation Advisory Group Jim Saloman, FCPA, FCA PwC LLP Reinhard Dotzlaw, FCPA, FCA KPMG LLP Laney Doyle, CPA, CA Ernst & Young LLP Johanna Field, CPA, CA Grant Thornton LLP Jeremy Jagt, CPA, CA, CPA (IL) Grant Thornton LLP Mississauga Laura Moschitto, CPA, CA KPMG LLP Janet Stockton, CPA, CA BDO Canada LLP Observer Cheryl McGillivray, CA Alberta Securities Commission Calgary Staff Support Chi Ho Ng, CPA, CA, CPA (IL) Auditing and Assurance Standards Andrew Macartney, CPA, CA Deloitte LLP 16 AASB ANNUAL REPORT

20 Standards for Assurance Engagements Task Force Richard Flageole, FCPA, FCA Orleans France Alain, CPA auditrice, CA Vérificateur général du Québec Québec Janet Allan, FCPA, FCA KPMG LLP St. Catharines Alistair Bryden, CA PwC LLP Calgary Wendy Loschiuk, MBA Office of the Auditor General of Canada Ottawa Gary Peall, CPA, CA Office of the Provincial Auditor Staff Support Greg Shields, CPA, CA Auditing and Assurance Standards Jeff Dumont, CA Northern Alberta Institute of Technology Edmonton AASB ANNUAL REPORT

21 Auditing and Assurance Standards Board 277 Wellington Street West, Ontario M5V 3H2 Canada