The Canadian Securities Administrators rejected a proposal to require outside auditors to opine on company management's assessment of the company's internal controls. The decision was made not to implement proposed Multilateral Instrument 52-111. Multilateral Instrument 52-109 is moving ahead adn provides for CEO and CFO certifications of annual and quarterly filings. The certification requirements are effective for FYEs after June 30, 2006.
Thursday, March 23, 2006
Canada Rejects SOX 404 Counterpart
The Canadian Securities Administrators rejected a proposal to require outside auditors to opine on company management's assessment of the company's internal controls. The decision was made not to implement proposed Multilateral Instrument 52-111. Multilateral Instrument 52-109 is moving ahead adn provides for CEO and CFO certifications of annual and quarterly filings. The certification requirements are effective for FYEs after June 30, 2006.
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