Who is responsible for developing financial statement audit and assurance standards in Canada?
A) AASB (Auditing and Assurance Standards Board)
B) standards staff at the CICA (Canadian Institute of Chartered Accountants)
C) national accounting bodies such as CGA Canada
D) the accounting firms who conduct financial statement audits

Question

Quizplus · Accepted Answer

The AASB (Auditing and Assurance Standards Board) is responsible for developing financial statement audit and assurance standards in Canada. They are an independent body that sets audit and assurance standards for both public and private sector organizations. The standards are developed in consultation with stakeholders, including the accounting profession, users of financial statements, regulators, and governments. The AASB also works closely with international standard-setting organizations to maintain alignment with global standards.

Who Is Responsible for Developing Financial Statement Audit and Assurance