Media Release – The Independent Review Committee on Standard Setting in Canada issued its final recommendations report on March 1, 2023. The recommendations aim to ensure Canadian accounting and auditing – and now sustainability reporting and assurance – standard setting continues to be independent and internationally recognized. A summary feedback statement will soon be issued, outlining the feedback the committee received during its consultation process.The Accounting Standards Oversight Council (AcSOC) and Auditing and Assurance Standards Oversight Council (AASOC), with support from Chartered Professional Accountants of Canada (CPA Canada), initiated a review of Canadian standard setting in 2021. This led to the formation of the committee, which reviewed the governance and structure for establishing Canadian standards and worked to identify what might be needed for the future.“We want to thank the committee for the rigorous review process they led,” says Kevin Nye, AASOC chair. “The final report illustrates the extent of the consultations that were undertaken with organizations and individuals throughout the country, as well as the committee’s own research and work.”
To read the full report visit https://www.frascanada.ca/en/news-listings/ircss-final-report