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ARTICLE · 17 MARCH 2006

Canadian Regulators Will Not Require an Audit of Internal Controls

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The Canadian Securities Administrators have announced that they will not mandate auditor attestation of the effectiveness of internal control over financial reporting.

CanadaCorporate/Commercial Law
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The Canadian Securities Administrators have announced that they will not mandate auditor attestation of the effectiveness of internal control over financial reporting. This significant divergence from the U.S. approach under section 404 of the Sarbanes-Oxley Act of 2002 is premised on the Canadian securities regulators’ belief that the quality, reliability and transparency of financial reporting can be improved on a cost-effective basis by strengthening the CEO and CFO certification requirements. It is proposed that:

  • the CEO and CFO of all reporting issuers, other than investment funds, be required to certify that they have evaluated the effectiveness of the issuer’s internal control over financial reporting as of the end of the financial year; and

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