Regulatory Alerts2006-02-21
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CSA Staff Notice 52-312: Audit Committee Compliance Review
The Canadian Securities Administrators conducted a compliance review of Regulation 52-110 regarding audit committees for 95 reporting issuers across five jurisdictions. The review found unacceptable compliance levels, particularly noting that only 64% of audit committee charters fully prescribed required responsibilities and highlighting significant confusion among issuers regarding director independence definitions. Regulators intend to conduct future reviews and pursue remedies for identified deficiencies to ensure issuers fully comply with the regulation's requirements.
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