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ARTICLE · 25 JULY 2014

CSA Adopt Changes To Auditor Oversight Rules

Stikeman Elliott LLP
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The CSA yesterday released changes to auditor oversight rules designed to enhance the integrity of financial reporting by reporting issuers.

CanadaCorporate/Commercial Law
Stikeman Elliott LLP
Stikeman Elliott LLP
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The Canadian Securities Administrators yesterday released changes to auditor oversight rules designed to enhance the integrity of financial reporting by reporting issuers by repealing and replacing National Instrument 52-108 Auditor Oversight and making other amendments to NI 41-101, NI 51-102, NI 71-102 and their respective companion policies.

Among other things, the changes will (i) require a public accounting firm to deliver a notice to the applicable regulator when certain remedial actions have been imposed by the Canadian Public Accountability Board; (ii) require additional disclosure in an issuer's prospectus when financial statements included in the prospectus were audited by an auditor not subject to CPAB oversight; (iii) clarify the rule's application to foreign issuers; and (iv) reduce the timing for making, filing or sending various types of notices and other documents in connection with a change of auditors.

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