Regulatory Alerts2022-03-30
Regulation 52-108 Respecting Auditor Oversight
Quebec securities regulators issued Regulation 52-108 to mandate that public accounting firms preparing auditor reports for reporting issuers must maintain active participation status with the Canadian Public Accountability Board. The regulation requires firms to notify reporting issuers and regulators of non-compliance or remedial actions imposed by CPAB, while prohibiting the use of audit firms that have failed to provide CPAB with access to significant component auditor records. These requirements ensure that audit quality is monitored and that stakeholders are promptly informed of any deficiencies in the audit process or quality control systems.
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