52-108, Auditor Oversight
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Effective date: |
August 24, 2005, except for subsequent amendments. |
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Published by the CSA: |
January 16, 2004 |
Overview
The main purpose of the Instrument is to contribute to public confidence in the integrity of financial reporting of reporting issuers by promoting high quality, independent auditing.
Recent developments
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Date |
Development |
Comments |
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July 17, 2014 |
These amendments 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. The amendments are effective on September 30, 2014. |
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January 13, 2022 |
Amendments. See Completed project |
The amendments respond to challenges CPAB has faced in accessing audit work performed by firms that are not subject to the regulator’s oversight, but complete a significant portion of the work for the audit of a Canadian reporting issuer. Audit firms performing such work are referred to as significant component auditors. Once the changes take effect, if a significant component auditor does not provide access to CPAB voluntarily, and CPAB requests to inspect the work it performed, the significant component auditor will be requested to enter into an access agreement with CPAB to facilitate inspection of its work. Failure to do so will render that auditor ineligible to be a significant component auditor for future audit work. Provided all necessary ministerial approvals are obtained, the amendments will come into force on March 30, 2022. |
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Note: The above summary of Recent Developments does not include consequential amendments made as the result of other projects. For further details on the history of this Instrument, please refer to the OSC’s Web site. |
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Amendments under consideration
- None