Canada Names Members of New Oversight Body
Canadian accounting regulators have named the thirteen members of the group that will provide independent oversight to auditing and assurance standards across Canada.
In response to high-profile business scandals in the United States, in October, 2002, the Canadian Institute of Chartered Accountants established the Auditing and Assurance Standards Oversight Council (AASOC), an independent body to oversee the activities of the Assurance Standards Board.
The members, drawn from a cross-section of constituencies, are:
- Jim Baillie, AASOC Chair and counsel at law firm Torys LLP, and Chair of the Independent Electricity Market Operator (Ontario).
- Jill Bodkin, CEO of Golden Heron Enterprises, and was the founding Chair of the British Columbia Securities Commission.
- David Brown, Chair of the Ontario Securities Commission.
- Orest Dackow, retired President and CEO of Great-West Life.
- Garnet Fenn, Vice President, Finance of DaimlerChrysler Canada Inc., holds an MBA, CA, CGA, CMA, CPA and a member of AIMR.
- Germaine Gibara, President and CEO of AVVIO Management Inc., Co-Chair of the Board of the Institute for Research on Public Policy.
- Nick Le Pan, Superintendent of Financial Institutions.
Ross MacKinnon, Director, Financial Markets, Bank of Canada.
- Bob Muter, leader of PricewaterhouseCoopers’ Professional, Technical, Risk and Quality Department.
- Erik Peters, Provincial Auditor of Ontario.
Non-voting members are:
- Denis Desautels, former Auditor General of Canada, member of the International Auditing and Assurance Standards Board (IAASB).
- Denise Esdon, senior audit partner at Ernst & Young, and Vice-Chair of the IAASB.
- Peter Gregory, Chair of the Assurance Standards Board and Deputy Auditor General of British Columbia.
- Bob Rutherford, Vice President, Standards, CICA.
"This is quite simply an outstanding group," said Jim Baillie, who was announced as AASOC Chair with the establishment of the council in October. "Each member brings diverse expertise and experience but a shared commitment to the important task of providing independent oversight to the setting of auditing and assurance standards. I am confident that the result will be enhanced standards that meet the needs and expectations of users of financial statements."