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ARTICLE · 31 JANUARY 2022

New Amendments To Auditor Oversight Rules Require Access To Audit Working Papers Of Component Auditors

Stikeman Elliott LLP
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Changes to National Instrument 52-108 Auditor Oversight and its Companion Policy (the Amendments) require auditors that

CanadaAccounting and Audit
Stikeman Elliott LLP
Stikeman Elliott LLP
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Changes to National Instrument 52-108 Auditor Oversight and its Companion Policy (the Amendments) require auditors that perform a significant portion of a reporting issuer's audit work to provide the Canadian Public Accountability Board access to audit working papers, particularly in foreign jurisdictions.

  • The Amendments introduce the concept of the "significant component auditor", which is a component auditor that meets certain specified significance thresholds (as outlined below).
  • A reporting issuer will be required to give notice in writing to a significant component auditor permitting the provision of access to the Canadian Public Accountability Board (CPAB) to its audit work if requested by CPAB.

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