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Media Release – Independent review concludes, setting the stage for the future of Canadian accounting, auditing, and sustainability standard setting (frascanada.ca)

The Independent Review Committee on Standard Setting in Canada issued its final recommendations report. 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 recent proposed rules from the PCAOB updating the confirmation standard, AS2310, caused some ruffled feathers when it added new limitations related to the external auditor and reliance on the work of internal auditors. Where the existing 2310, which was developed in large part by using the AICPA's AU 330 almost verbatim, pointed to existing standards related to the external auditor and their reliance on the internal auditor (AS 2605), the new proposed AS2310 added specific restrictions; these include not letting internal auditors select the population, do the mailings and receive responses.

Since the public release of ChatGPT last November, there has been a great deal of discussion about how it might be used (and abused) in numerous fields, including marketing, journalism, education and business generally, to name a few. A recent article in InformationWeek met this issue head on and in a positive way by setting out eight ways in which ChatGPT can be used in business.