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Canadian Audit Committee Update
Issue 2010-01
Many Canadian companies are now in the
transition year of their move to IFRS—the year for which the opening
balance sheet and interim financial statements will ultimately be restated
using IFRS.
The year ahead will be challenging for many companies as they approach
this looming deadline. Audit committees will play an important role this year
in monitoring the progress of the company’s conversion plan and reviewing
the company’s MD&A before its public release.
In Current Issues Dominating the Audit Committee Agenda, we identify 10 to-dos for audit committees in 2010.
This list is intended as a starting point for setting the audit committee agenda for the coming year.
In Financial Reporting Updates, we outline significant regulatory, accounting, and auditing rules, standards, and projects issued since our 2009-02 issue of Canadian Audit Committee Update.
Audit Committee Evolving Issues focuses on communicating to
stakeholders about the impact of adopting IFRS. As the company prepares
its 2010 MD&A disclosures, audit committees should be mindful of the
needs and expectations of external stakeholders, including regulators. We wrap up with some potential questions for audit committees to consider when thinking about IFRS-related communications.
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Read the Audit Committee Institute publication Canadian Audit Committee Update Issue 2010-01
File Name: AC_Update_2010_01WEB.pdf File Size: 404kb |
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