Standards Speak COMMENTING ON ACCOUNTING AND AUDITING STANDARD-SETTING IN CANADA STEPHENIE FOX
A Passion for Independent Standard-Setting
O
N APRIL 1, I assumed the position of vice-president, standards, at CPA Canada — the home of Canadian financial reporting and assurance standards. Canada’s
standard-setters not only pilot financial reporting coast to coast, but are also widely recognized internationally as stan- dard-setters of the highest calibre. Given the size of the country in the global economy, we punch above our weight, contribut- ing to developing international accounting and auditing stan- dards. Canada has an international reputation as a strong, independent standard-setter and as a leader in a principle- based approach to standard-setting. In my new role, I will ensure we continue to represent the Canadian voice and per- spective in international standards development.
An advocate of standard-setting I started my standard-setting career at the CICA, where I developed a deep understanding and love of independent standard-setting. This independence is a vital component in the financial reporting supply chain, in both the private and the public sectors. I’m passionate about the need to improve public sector accounting, having served as technical director of the International Public Sector Accounting Standards Board for more than eight years and previously spending 12 years on the Public Sector Accounting Board’s staff.
Making a difference There really is a need for standards. It’s a niche area and is often taken for granted because it’s so fundamental to the accounting profession. The reason I’m dedicated to indepen- dent standard-setting is that Canadian standards are devel- oped in the public interest without undue influence. The purpose of standards is to ensure high-quality financial reporting and assurance that facilitates informed economic decision-making and accountability. More important, however, is the key role that the standards group, the boards and oversight councils have in maintaining absolute public confidence in the Canadian accounting and auditing stan- dard-setting process. What we do is absolutely making a dif- ference and that’s a key personal driver for me.
How we inspire confidence Canadian standard-setters inspire confidence among stake- holders in the domestic and international markets for three reasons. The first is excellence and experience. There are more than 125 volunteers on standards oversight councils, boards and numerous committees and task forces who par- ticipate in the standard-setting process. They represent a diverse range of industry leaders from across the country, from a variety of professional backgrounds, and they help ensure that standards are developed in the public interest. The second reason is due process. The standard-setting process ensures there are ample opportunities for stakehold-
The standards group, boards and councils play a key role in maintaining public confidence in Canada’s standard-setting process
ers to provide feedback and input to proposals in development before a standard is approved. Finally, it’s about listening. We cast a wide-reaching net to get public feedback. We want to hear from you and yes, you do influence our decisions. I look forward to serving the public interest with a great,
cohesive standard-setting team, which has a critical role in financial reporting and assurance in Canada and a vital role in the development of international standards.
STEPHENIE FOX, CPA, CA, is CPA Canada’s vice-president, standards
Visit
frascanada.ca for the latest standard-setting news and information.
Sign up for The Standard at
frascanada.ca/subscribe for weekly emails that are tailored to the standard-setting topics of your choice.
APRIL 2015 | CPA MAGAZINE | 13
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60