Auditor Independence Peter Mills


Description Canadian Companies Listed on US Exchanges


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Auditor Independence - Peter Mills and Melissa Langlois

Description

Canadian Companies Listed on US Exchanges

Approximately 250 companies are listed on US exchanges - auditors may also be inspected by the US PCAOB in addition to CPAB

Public Oversight of Standard Setting

Establishment of the Auditing and Assurance Standards Oversight Council (AASOC) to oversee the work of the Auditing and Assurance Standards Board (AASB) and the development of Canadian auditor independence standards

Governance – Audit Committees

Regulations that auditors must be independent of companies they audit and audit committee pre-approval of any services

Independence rules

Rule 204 in the Code of Conduct of the Chartered Accountant Profession (similar rules for other accounting bodies)

Enhancing Audit Quality - Objectives

The main objectives are three-fold:

  • Provide useful input to Canadian standard setters, regulators and others as they consider potential changes in Canada.
  • Support the views of Canadians engaged in dialogue about various global proposals
  • Set an appropriate context for further work to enhance audit quality in the future

Auditor Independence Project - Objectives

The working group was directed to respond to proposals on the appointment and rotation of auditors and the services they should be permitted to provide, including:

Auditor Independence Project - Guiding Principles

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