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Canadian Audit Committee UPDATE –
Spring 2006
The Spring 2006 issue begins by focusing on financial statement restatements and earnings management. In Current Issues Dominating the Audit Committee Agenda, we provide an overview of a plan to manage the process when a restatement is necessary. Then, because a contributing factor to the need for a restatement can be earnings management, we discuss the pressures that may be exerted on management to engage in earnings management. We also discuss the various steps that audit committees can take to help minimize the risk and help ensure the company provides transparent financial reporting.
In Financial Reporting Updates we outline significant regulatory, accounting and auditing rules, standards and projects issued since our Canadian Audit Committee Update – Fall 2005.
Finally, in Audit Committee Evolving Issues, we address the secondary market civil liability regime that was established through Ontario’s Bill 198. This Act will significantly change the legal liability of reporting issuers, their officers, directors and experts, such as auditors, for any misrepresentations in continuous disclosure documents and public oral statements. We review some of these changes and consider the impact these changes may have on a company’s reporting and filing processes.
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