August 01, 2005
Ontario Securities Commission Posts Notice of Delay of 52-111
With no news release and no real explanation, the Ontario Securities Commission announces a one year delay of 52-111 the close copy of the Sarbanes-Oxley Section 404. It is quite interesting that no fan fare was made about this announcement. No coverage of it by Canadian news services even today.
What does this mean for Canadian companies? Really? They have 52-109 in place so they have to certify that they have internal controls over financial reporting but there is no testing required. It is sort of limbo now. Waiting and wondering! What impact does this have on the CICA Handbook addition regarding Integrated Audits of Financial Statements and Internal Controls reporting now awaiting approval by 2/3 of its members.
"July 29, 2005
Regulators Revise Timeline for Internal Control Reporting Project
Montreal– The Canadian Securities Administrators (CSA) announced today that they have extended the timeline for the internal control reporting project. The earliest an internal control reporting instrument would apply is in respect of financial years ending on or after June 30, 2007. Under the proposed internal control instrument, as it was originally published, internal control reporting requirements were to be phased in over four years, commencing with financial years ending on or after June 30, 2006.
The extension to the timeline for the internal control reporting project will allow the CSA sufficient time to assess the potential impact of current developments in the U.S. relating to internal control reporting requirements similar to those proposed in Canada. As well, it will allow the CSA sufficient time to consider issues raised in the 64 submissions from commenters on the proposed Internal Control Instrument." For complete announcement, Click here.
To see how your company can more effectively meet the requirments of 52-109 and 52-111 see www.issuescentral.com and learn more about the Compliance Playbook(tm) and see how you can comply with less effort and less cost.
What does this mean for Canadian companies? Really? They have 52-109 in place so they have to certify that they have internal controls over financial reporting but there is no testing required. It is sort of limbo now. Waiting and wondering! What impact does this have on the CICA Handbook addition regarding Integrated Audits of Financial Statements and Internal Controls reporting now awaiting approval by 2/3 of its members.
"July 29, 2005
Regulators Revise Timeline for Internal Control Reporting Project
Montreal– The Canadian Securities Administrators (CSA) announced today that they have extended the timeline for the internal control reporting project. The earliest an internal control reporting instrument would apply is in respect of financial years ending on or after June 30, 2007. Under the proposed internal control instrument, as it was originally published, internal control reporting requirements were to be phased in over four years, commencing with financial years ending on or after June 30, 2006.
The extension to the timeline for the internal control reporting project will allow the CSA sufficient time to assess the potential impact of current developments in the U.S. relating to internal control reporting requirements similar to those proposed in Canada. As well, it will allow the CSA sufficient time to consider issues raised in the 64 submissions from commenters on the proposed Internal Control Instrument." For complete announcement, Click here.
To see how your company can more effectively meet the requirments of 52-109 and 52-111 see www.issuescentral.com and learn more about the Compliance Playbook(tm) and see how you can comply with less effort and less cost.
