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Canadian Audit Committee UPDATE - Fall 2005
The Fall 2005 issue begins by focusing on several auditing standards in Canada that will modify the nature, extent and timing of the work performed by a company’s external auditors. These changes will impose significantly more discipline and rigour to the audit. In their oversight role, audit committees should understand these changes and how they will impact the companies they serve. In Current Issues Dominating the Audit Committee Agenda, we discuss this evolution of the audit and provide audit committee members with some insight into what they can expect in this upcoming audit season.
Financial Reporting Updates outlines significant regulatory, accounting and auditing rules, standards and projects issued since our Canadian Audit Committee Update - Spring 2005.
Finally, in Audit Committee Evolving Issues, we address the issue of tax in the boardroom. Tax affects nearly every aspect of a company’s business and thus it cannot remain in the ‘splendid isolation’ to which its technical nature and its perceived independence from the business mainstream have historically placed it. Many boards of directors recognize the growing awareness of tax-related risks in the marketplace, but they struggle with how to adequately govern those risks within the companies they serve.
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