Contact: Lynn Cook
Deloitte
Manager, Public Relations
(416) 874-3654

WHAT: New rules suggested by the Canadian Securities Administrators (CSA) on February 4, 2005, mean additional compliance requirements and corporate governance liability for a significant proportion of corporate Canada. Corporate officers will not only potentially be personally liable for the accuracy of their financial reports, but will also have to issue a report on the effectiveness of their internal controls over financial reporting, and have their external auditors issue an audit report on management’s assessment. 

For many Canadian companies, the additional set of requirements means significantly increased workloads and investment in resources to comply with the new corporate governance requirements. Similar experiences south of the border with Sarbanes-Oxley clearly demonstrate that companies tend to massively underestimate the complexity and intensity of the compliance process.

With corporate reputations and executives’ personal liability on the line, the stakes are now higher than ever for Canadian companies to effectively prepare for and manage the additional volume of work required to comply with the latest set of corporate governance regulations — and the clock is ticking.

WHO: Leading practitioners from Deloitte’s Enterprise Risk practice are available to elaborate on the implications of the new suggested regulations, as well as to discuss how companies can develop a safe path to full corporate compliance as deadlines loom.

Learn more about the CSA's new rules and how they will impact your business.