Contact: Jacqui d'Eon
Deloitte
416-874-3670

Toronto, April 13, 2006 — The recent Canadian Securities Administrators (CSA) announcement regarding Multilateral Instrument 52-111, Reporting on Internal Control over Financial Reporting (ICFR), represents a significant change in direction with respect to both the evaluation and testing of ICFR and the harmonization of Canadian securities regulation with that in the United States.

The Deloitte perspective was written with the intent to promote an understanding of the implications of the proposed new CSA requirements on management, directors, investors and auditors.

Even though there is uncertainty about the Canadian requirements (which will remain until the new rules are exposed for public comment later this year), now is the time for Canadian issuers and their auditors and advisors to focus on five important decisions and actions as outlined in our publication.

Download the complete document, "Reporting on internal control: The implications of the CSA’s proposed approach."