James Langton The process for setting accounting and auditing standards in Canada is getting a review of its own by an independent committee. The Accounting Standards Oversight Council (AcSOC) and the Auditing and Assurance Standards Oversight Council (AASOC) have launched a review of standards setting by forming a committee to examine the governance and structure of the existing process. That committee, led by veteran securities lawyer and regulator Ed Waitzer, will make recommendations on standards setting to ensure that the Canadian system remains “independent and internationally recognized,” it said. The review and accompanying consultations will be carried out over the coming year.