Observer Kenneth J.A. Vallillee, FCA, Canadian Public Accountability Board (CPAB), Toronto Project Manager Melissa E. Langlois, CA, Deloitte, LLP, Toronto - Approximately 6,000 reporting issuers in Canada and 1/3 are considered small market capitalization companies (market capitalization and total assets under $10m)
- Large majority of public companies audited by the Big 7 – members of the Forum of Firms (FOF)
- FOF members cannot use the exemption in our independence rules for small cap companies
Feature
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Description
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Office of the Superintendent of Financial Institutions (OSFI)
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Supervises and regulates more than 450 banks and insurers
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Provincial Securities Commissions
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Each province and territory has its own securities regulator and its own securities legislation
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Canadian Securities Administrators (CSA)
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A voluntary umbrella organization of the provincial and territorial securities regulators referred to above
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Regulatory Oversight
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All public issuers in Canada have to be audited by firms registered with CPAB and subject to its inspection and discipline. CPAB, was established in 2002, and is a member of the International Forum of Independent Audit Regulators (IFIAR).
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Provincial Institute Reviews
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Audit Partners subject to reviews by the provincial accounting institutes
| Features of the Canadian Environment
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