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ARTICLE · 23 MAY 2011

OSC Review Of Disclosure Regarding Auditor Involvement With Interim Financial Statements

Blake, Cassels & Graydon LLP
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The Ontario Securities Commission (the OSC) recently released OSC Staff Notice 51-718 – Key Considerations Relating to an Auditor’s Involvement with Interim Financial Reports.

CanadaFinance and Banking
Brendan Reay
Brendan Reay
Catherine Youdan
Catherine Youdan
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Copyright 2011, Blake, Cassels & Graydon LLP

Originally published in Blakes Bulletin on Securities Regulation, May 2011

Highlights

  • Recent OSC review of compliance with requirements to disclose if auditors have not reviewed interim financial statements identified 35% level of non-compliance
  • Issuers are reminded that a review must cover all financial statements and notes presented and be conducted in accordance with Section 7050 of the CICA Handbook
  • For the first IFRS interim financial report, if a review is performed, it must cover the opening IFRS statement of financial position and all IFRS 1 reconciliations presented

The Ontario Securities Commission (the OSC) recently released OSC Staff Notice 51-718 – Key Considerations Relating to an Auditor's Involvement with Interim Financial Reports. The Staff Notice summarizes the results of a review by the OSC of compliance by issuers with provisions of securities legislation relating to an auditor's review

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