OSC issues report on internal ethics policies and procedures of public accounting firms
Jun 28, 2023
On June 28, 2023, the Ontario Securities Commission (OSC) published a report to assist public accounting firms in developing and implementing robust internal ethical policies and procedures. On September 23, 2022, the OSC announced it would make targeted inquiries to certain public accounting firms that conduct audits of Ontario reporting issuers. The report published summarizes the scope of these inquiries and communicates observations about the internal policies, practices, and procedures in place at these firms.
The report identifies select areas of focus public accounting firms should consider as part of their ethics strategies, such as clearly identifying leaders within the firm with ‘ownership’ of the ethics policies, targeted ethics education training and guidance, and establishing a robust internal whistleblower program. It also provides considerations to help firms comply with requirements related to the dating of audit working papers and internal professional training programs.
Review the report on OSC's website.