Regulatory Alerts2019-10-03
Draft Amendments to Policy Statement to Regulation 52-108 respecting Auditor Oversight
The Canadian Public Accountability Board (CPAB) issued draft amendments to Policy Statement to Regulation 52-108 to clarify definitions and procedures for auditor oversight. The document defines 'component auditor' and 'significant component auditor' using specific thresholds for audit hours, fees, and asset or revenue percentages. It further outlines reporting issuer obligations to direct access for CPAB inspections and details the impact of CPAB access-limitation or no-access notices on participating audit firms.
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