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CSA - Potential oversight requirements for foreign audit firms [Completed]

Last updated:

October 2019

Overview

On April 25, 2017, the Canadian Securities Administrators (CSA) published for comment CSA Consultation Paper 52-403 "Auditor Oversight Issues in Foreign Jurisdictions" (Consultation Paper), which sought input on whether certain oversight requirements should be introduced for audits done by foreign firms.

The Consultation Paper discussed challenges faced by the Canadian Public Accountability Board (CPAB) in accessing audit work performed in certain foreign jurisdictions. The Consultation Paper describes a CPAB request for the CSA to amend National Instrument 52-108 Auditor Oversight to require certain audit firms involved in the audit of a reporting issuer’s financial statements to register as a participating audit firm. This requested amendment would assist CPAB in accessing audit working papers in most foreign jurisdictions.

After reviewing comments received on the Consultation Paper, the CSA, on October 3, 2019 published for comment proposed amendments to National Instrument 52-108 "Auditor Oversight" intended to provide the CPAB with improved ability to perform audit inspections. Under the proposed changes, some reporting issuers and audit firms may be required to take steps to provide CPAB with enhanced access to audit working papers, particularly in foreign jurisdictions.

 

Other developments

October 2019

On October 3, 2019, the CSA published for comment proposed amendments to National Instrument 52-108 "Auditor Oversight" intended to provide the CPAB with improved ability to perform audit inspections.

April 2017

On April 25, 2017, the CSA published for comment CSA Consultation Paper 52-403 "Auditor Oversight Issues in Foreign Jurisdictions" (Consultation Paper), which seeks input on whether certain oversight requirements should be introduced for audits done by foreign firms.

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