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Canadian Audit Committee Update
Issue 2009-02
In Current Issues Dominating the Audit Committee Agenda, we address some difficult accounting issues that warrant increased
attention—impairment, going concern, and debt covenants—and the implications for audit committee oversight.
In Financial Reporting Updates, we outline significant regulatory, accounting, and auditing rules, standards, and projects issued since our 2009-01 issue of Canadian Audit Committee Update. Because of Canada’s upcoming move to IFRS, we are now including in this section recent changes to IFRS accounting standards as well as projects to develop future guidance.
Audit Committee Evolving Issues focuses again on the changeover to IFRS. An enterprise’s rate of progress through its changeover project has implications for audit committee and board oversight. As enterprises move
well into their conversion projects, the questions posted by boards and audit committees will often be more focused and specific. To help the audit committee to reflect on areas it may want to explore, this section poses questions to consider on several major themes:
- accounting policies and elective exemptions
- financial reporting
- business impacts on the company and its stakeholders.
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Read the Audit Committee Institute publication Canadian Audit Committee Update Issue 2009-02
File Name: ACIUpdate_2009_02.pdf File Size: 448kb |
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