CSA

Toronto – The Canadian Securities Administrators (CSA) today published for comment proposed amendments to National Instrument 52-108 Auditor Oversight (The Notice) intended to provide the Canadian Public Accountability Board (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.

“High quality audits are essential to the confidence in our capital markets,” said Louis Morisset, CSA Chair and President and CEO of the Autorité des marchés financiers. “The new rules we are proposing will assist CPAB in inspecting audit work, which will lead to improvements in audit quality.”

Under the proposed new securities requirements, reporting issuers will be required to direct audit firms who are not subject to CPAB oversight, but complete a significant portion of audit work for a reporting issuer’s audit, to enter into an agreement with CPAB to access their files and inspect their work if such firms are not prepared to provide access to CPAB voluntarily upon request.

Known as component auditors, these audit firms complete some of the work that forms part of the evidence used to support an audit opinion. To assess whether sufficient audit evidence has been obtained to support an audit opinion, CPAB has determined it must be able to review all substantial audit work.

The Notice and its Companion Policy, which provides guidance on the interpretation and application of the proposed amendments, can be found on the CSA members' websites. The comment period will close on January 2, 2020.

The CSA, the council of the securities regulators of Canada’s provinces and territories, co-ordinates and harmonizes regulation for the Canadian capital markets.

-30-

For Investor inquiries, please refer to your respective securities regulator. You can contact them hereThis link will open in a new window.

For media inquiries, please refer to the list of provincial and territorial representatives below or contact us at media@acvm-csa.ca.

For more information:

CSA member name

Point of contact

Phone number

Autorité des marchés financiers

Jean-Maurice Bouchard

514-395-0337 #2347

Alberta Securities Commission

Hilary McMeekin

403-592-8186

British Columbia Securities Commission

Brian Kladko

604-899-6713

Financial and Consumer Affairs, Authority of Saskatchewan

Shannon McMillan

306-798-4160

Financial and Consumer Services Commission, New Brunswick

Sara Wilson

506-643-7045

Government of Prince Edward Island, Superintendent of Securities

Steve Dowling

902-368-4550

Manitoba Securities Commission

Jason (Jay) Booth

204-945-1660

Nova Scotia Securities Commission

David Harrison

902-424-8586

Nunavut Securities Office

Jeff Mason

867-975-6591

Office of the Superintendent of Securities, Newfoundland and Labrador

Renée Dyer

709-729-4909

Office of the Superintendent of Securities, Northwest Territories

Tom Hall

867-767-9305

Office of the Yukon, Superintendent of Securities

Rhonda Horte

867-667-5466

Ontario Securities Commission

Kristen Rose

416-593-2336