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ARTICLE · 11 MAY 2005

Audit Committee Compliance Reviews by Canadian Securities Regulators

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Staff of several of the provincial securities regulators announced that they will soon begin compliance reviews of audit committees, focusing on two aspects of the audit committee rule—the composition of the audit committee and its responsibilities.

CanadaAccounting and Audit
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Staff of several of the provincial securities regulators announced that they will soon begin compliance reviews of audit committees, focusing on two aspects of the audit committee rule—the composition of the audit committee and its responsibilities.

Public companies must comply with Multilateral Instrument 52-110, Audit Committees, beginning on the earlier of (a) the date of the first annual meeting of shareholders after July 1, 2004; and (b) July 1, 2005. To comply with the rule, public companies must do the following:

  • Replace any audit committee members that are not "independent", as defined in the audit committee rule.
  • Replace any audit committee members who are not financially literate unless they agree to become financially literate within a reasonable period of time.

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