Regulatory projects
The current status of regulatory projects that are active at this time is shown in the table below. Click on the project you are interested in to find out more about this project and its current status.
| Project | Description |
|---|---|
| AICPA Proposed Description Criteria for Management’s Description of an Entity’s Cybersecurity Risk Management Program [Completed] | This project outlines revised AICPA trust services criteria for use by public accounting firms that provide advisory or attestation services to evaluate the controls within an entity’s cyber risk management program, or SOC 2 engagements. |
| AICPA Proposed Revision of Trust Services Criteria for Security, Availability, Processing Integrity, Confidentiality, and Privacy [Completed] | This project is intended for use by management in designing and describing its cybersecurity risk management program and by public accounting firms to report on management’s description. |
| Basel Committee on Banking Supervision – Consultation on principles for the effective management and supervision of climate-related financial risks [Completed] | The Basel Committee on Banking Supervision issued a public consultation on principles for the effective management and supervision of climate-related financial risks. |
| Consultation on the 2019 Revisions to the Federal Financial Sector Framework in Canada [Completed] | The Department of Finance Canada launched the second stage of consultations on the renewal of the federal financial sector legislative and regulatory framework (namely the Bank, Act, the Insurance Companies, Act, the Trust and Loan Companies Act and the Cooperative Credit Associations) prior to the statutory sunset date of March 29, 2019. |
| Government of Canada: Proposed New Regulations in respect of Mandatory Reporting of Data Breaches under PIPEDA [Completed] | The Government of Canada published new regulations, which set out details regarding the mandatory data breach reporting requirements under the Personal Information Protection and Electronic Documents Act. |
| IESBA Changes to Part 4B of the Code to align it to changes to terms and concepts in the IAASB’s International Standard on Assurance Engagements (ISAE) 3000 (Revised) [Completed] | The objective of this project is to review and compare the terms and concepts in the revised and restructured Code and the IAASB’s ISAE 3000. |
| IESBA Long Association Post Implementation Review – Phase I [Completed] | This update provides an overview of Phase 1 of the LAPIR which will review the implementation of a specific partner rotation provision for engagement partners around the world with respect to audits of public interest entities. |
| IESBA Proposed Changes to the Code of Ethics: Revisions to the Code Addressing Tax Planning and Related Services (Potential Amendments to Harmonized Rule of Professional Conduct, Rule 204) [ED] | The proposed revisions respond to public interest concerns about tax avoidance and the role played by consultants, including professional tax advisers, in light of revelations in recent years such as the Paradise and Pandora Papers. |
| IESBA Proposed Changes to the Code of Ethics: Definitions of Listed Entity and PIE (Potential Amendments to Harmonized Rule of Professional Conduct, Rule 204) [Completed] | The objective of this project was to review the definitions of the terms “listed entity” and “public interest entity” (PIE) in the Code, with the aim of revising them as necessary so that they remain relevant and fit for purpose. |
| IESBA Proposed Changes to the Code of Ethics: Revisions to address Engagement Team –Group Audits Independence (Potential Amendments to Harmonized Rule of Professional Conduct, Rule 204) [Completed] | IESBA proposed changes to the Code of Ethics: Revisions to address Engagement Team – Group Audits Independence |
| IESBA Proposed Changes to the Code of Ethics: Role and Mindset Expected of Professional Accountants (Potential Amendments to Harmonized Rule of Professional Conduct, Rule 204) [Completed] | This Professional Skepticism Long Term Project was developed out of the related Professional Skepticism Short Term Project. This project considers how the Code of Ethics should address professional skepticism beyond audit and other assurance engagements. |
| IESBA Proposed Changes to the Code of Ethics: Section 600, Provision of Non-Assurance Services to an Audit Client (Potential Amendments to Harmonized Rule of Professional Conduct, Rule 204) [Completed] | The objective of the project is to ensure that all of the Non-Assurance Services (NAS) provisions in the Code of Ethics are robust and of high quality for global application, thereby increasing confidence in the independence of audit firms. |
| IESBA Proposed Changes to the Code of Ethics: Fee-related Provisions in Part 2, Part 3 and Part 4A of the Code (Potential Amendments to Harmonized Rule of Professional Conduct, Rule 204) [Completed] | The objective of the project is to review the provisions in the Code pertaining to fee-related matters within the project scope, and recommend any changes considered necessary for the Code to remain robust and appropriate in enabling professional accountants to meet their responsibility to comply with the fundamental principles and, where applicable, be independent. |
| IESBA Proposed Changes to the Code of Ethics: Addressing the Objectivity of Engagement Quality Reviewers (Potential Amendments to Harmonized Rule of Professional Conduct, Rule 204) [Completed] | This project provides guidance on the application of the conceptual framework in the Code to address the topic of the objectivity of an engagement quality reviewer (EQR), thereby supporting proposed ISQM 2 in addressing the matter of the eligibility of an individual to serve in an EQR role. |
| IESBA Proposed Quality Management-related Conforming Amendments to the Code (Potential Amendments to Harmonized Rule of Professional Conduct, Rule 204) [Completed] | IESBA Proposed Quality Management-related Conforming Amendments to the Code (Potential Amendments to Harmonized Rule of Professional Conduct, Rule 204) |
| IESBA Proposed Technology-related Revisions to the Code (Potential Amendments to Harmonized Rule of Professional Conduct, Rule 204) [Completed] | This project seeks to enhance the Code’s robustness and expand its relevance in an environment being reshaped by rapid technological advancements |
| OSFI consultation on climate-related risks in the financial sector [Completed] | OSFI consultation on climate-related risks in the financial sector [ED] |
| OSFI consultation on technology risks in the financial sector [Completed] | The project focuses on risks arising from rapid technological advancement and digitalization, as these trends impact the stability of the Canadian financial sector |