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ARTICLE · 28 MAY 2007

Proposed New Requirements For Certification Of Internal Control Over Financial Reporting

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Canada’s securities regulators have proposed new requirements for CEO and CFO certifications and related disclosure in management’s discussion and analysis (MD&A) pertaining to internal control over financial reporting.

CanadaCorporate/Commercial Law
Leslie McCallum
Leslie McCallum
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Canada’s securities regulators have proposed new requirements for CEO and CFO certifications and related disclosure in management’s discussion and analysis (MD&A) pertaining to internal control over financial reporting.

The new rules are proposed to apply to all reporting issuers except investment funds, beginning with fiscal years ending on or after June 30, 2008. Cross-border issuers would not have to comply with these new requirements if they comply with the U.S. Securities and Exchange Commission’s internal control rules and auditor attestation requirements under section 404 of the Sarbanes-Oxley Act of 2002.

Proposals on Evaluating Internal Control over Financial Reporting

Under the proposed rules, CEOs and CFOs would have to evaluate the effectiveness of the issuer’s internal control over financial reporting and make the following new certifications:

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