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Canada Securities Administrators launch consultation on oversight requirements for foreign audit firms

The Canadian Securities Administrators (CSA) has launched a consultation paper entitled Auditor Oversight Issues in Foreign Jurisdictions on 25 April seeking input on whether specific oversight requirements should be introduced for audits done by foreign firms.

The paper discussed the challenges that the Canadian Public Accountability Board (CPAB) faces in accessing audit work in foreign jurisdictions. The CPAB has requested in the paper for the CSA to amend the requirement for audit firms involved in a reporting issuer’s financial statements to register as a participating audit firm. Providing stakeholders with disclosure enhancements on situations where CPAB has been prevented from inspecting audit work is also being considered by the CSA.

The consultation paper can be found here.

Comments should be submitted by 24 June 2017.

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