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Canadian Audit Committee Update
Issue 2007-01
We begin this issue by considering the upcoming fundamental shift in financial reporting in Canada — the transition from Canadian GAAP to International Financial Reporting Standards (IFRS). The change will apply to all publicly accountable enterprises in Canada and affect many areas of these organizations. We describe where the audit committee should currently focus its oversight attention as well as some issues it should consider during the transition.
In Financial Reporting Updates, we outline significant regulatory, accounting and auditing rules, standards and projects issued since the Fall 2006 edition of this publication.
Finally, Audit Committee Evolving Issues includes two thought-provoking articles. The first addresses the governance of tax because, increasingly, investors and other non-owner stakeholders are including tax management in their evaluation of the effectiveness of corporate governance. The second article deals with stakeholders' expectations of the auditor's role in detecting fraud and provides ideas to enhance fraud detection.
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Read the Audit Committee Institute publication Canadian Audit Committee Update, Issue 2007-01
File Name: ACUpdateSPR07.pdf File Size: 373kb |
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