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Amendments to National Instrument 52-108, Auditor Oversight [Completed]

Effective date: Subject to ministerial approvals, the amendments come into force on September 30, 2014.

Transitional provisions:

Subject to ministerial approvals, the amendments come into force on September 30, 2014.

Last updated:

October 2015


The amendments will increase transparency to securities regulators regarding CPAB concerns with the quality of audits of reporting issuers.

In March 2014, CPAB implemented a voluntary protocol to enhance disclosure of CPAB audit firm inspection findings to the audit committees of reporting issuers.  The CSA continue to recognize the importance of the information flow to audit committees, but will defer consideration of whether further amendments to NI 52-108 are needed until an assessment of the current protocol’s efficiency is conducted.

Recent activities

October 2015

At the Auditing and Assurance Standards Oversight Council meeting on October 22, 2015, it was noted that the CSA is continuing to consider the topic of audit committees and their role with respect to audit quality. It does not have many specific requirements imposed on audit committees. The CSA is evaluating whether there would be merit in requiring enhancements to reporting by audit committees of their evaluation of the external auditor. It has heard that one of the benefits of such reporting may be to reinforce auditor reporting of key audit matters. No project has been initiated in this regard.

July 2014

On July 17, 2014, the CSA published the final amendments to National Instrument 52-108, Auditor Oversight, which alter the ‘triggers’ for when an audit firm must notify securities regulators about significant remedial actions imposed on the firm by the Canadian Public Accountability Board (CPAB).

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