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.