April 01, 2007
Great Work Canadian Securities Administrators
March 30th the Canadian Securities Administrators (CSA) issued National Instrument 52-109 or NI 52-109. The previously issued Multi-Lateral 52-109 had been out for comment and is now cancelled. So it is official, MI 52-109 is now NI 52-109 and is out for public comment.
NI 52-109 and NI 52-109CP have provided a lot more guidance to issuers on every aspect of the Disclosure Controls and Internal Control over Financial Reporting. They have taken what is helpful in the Sarbanes-Oxley 302 and 404 and added and deleted to make this a truly Canadian version of transparency.
Of course many people will criticize the NI 52-109 and want more guidance. But this is meant to be judgement oriented and principals based and it is.
NI 52-109 provides enough guidance for a company to do the right job but enough room for judgement by a company's CFO and CEO to take responsibility for their own disclosure controls and internal control over financial reporting.
Great job CSA!
If your company has to comply with SOX 404 or NI 52-109, and wants to do it in a sensible and cost effective way, contact http://www.issuescentral.com/ for more information on Compliance Playbook® for companies based outside of Canada. For Canadian based companies, see http://www.compliancepartner.ca/ for more information on Compliance Partner™ from Thomson Carswell.
NI 52-109 and NI 52-109CP have provided a lot more guidance to issuers on every aspect of the Disclosure Controls and Internal Control over Financial Reporting. They have taken what is helpful in the Sarbanes-Oxley 302 and 404 and added and deleted to make this a truly Canadian version of transparency.
Of course many people will criticize the NI 52-109 and want more guidance. But this is meant to be judgement oriented and principals based and it is.
NI 52-109 provides enough guidance for a company to do the right job but enough room for judgement by a company's CFO and CEO to take responsibility for their own disclosure controls and internal control over financial reporting.
Great job CSA!
If your company has to comply with SOX 404 or NI 52-109, and wants to do it in a sensible and cost effective way, contact http://www.issuescentral.com/ for more information on Compliance Playbook® for companies based outside of Canada. For Canadian based companies, see http://www.compliancepartner.ca/ for more information on Compliance Partner™ from Thomson Carswell.
