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The Auditing and Assurance Standards Oversight Council (AASOC) serves the Canadian pubic interest by acting as an independent body for the oversight of the activities of the Auditing and Assurance Standards Board (AASB) and the Independence Task Force of the Charted Accountant Profession's Public Trust Committee. It was established in October 2002 by the Canadian Institute of Chartered Accountants (CICA). The AASB has the authority to set the audit and assurance standards for both the private and public sectors in Canada. AASOC's objective is to ensure that the AASB follows best practices in terms of standard setting and serving the Canadian public. AASOC monitors the Board's activities and routinely provides input. The AASOC ensures that the diversity of views they represent are satisfied by the AASB’s standard setting process and that this process is appropriate. AASOC evaluates the performance of the AASB and reports its findings to the Canadian public at its annual meeting.

AASOC also provides oversight to the Independence Task Force of the Charted Accountant Profession's Public Trust Committee. The Independence Task Force develops revised rules of professional conduct regarding the independence for Chartered Accountants in Canada. AASOC recognizes that the independence of auditors is essential to the upholding the Canadian public interest.

Funding for AASOC is granted by CPA Canada, an organization formed after a merger between the CICA and the Certified Management Accountants of Canada (CMA) . In addition to monetary funding, CPA Canada also provides the Auditing and Assurance Standards Oversight Council with administrative and other support.

In addition to supporting and overseeing the AASB and the Independence Task Force of the Charted Accountant Profession's Public Trust Committee, AASOC contributes toward the development of internationally accepted assurance standards.