KPMG in the US produced a series of publications to assist management and audit committee members as they comply with the provisions of the Sarbanes-Oxley Act of 2002. The information in these publications may be useful to Canadian SEC registrants, as well as Canadian non-venture issuers.
The CSA’s requirements for Canadian public companies (excluding venture issuers) and the CICA audit standards are similar to those issued in the US by the SEC and the PCAOB in response to Section 404 of the Sarbanes-Oxley Act.
Defining Issues [PDF 1.85Mb]: SEC Grants Six-Month Extension for Non-Accelerated Filers to Begin Complying with Final Stage of Sarbanes-Oxley, October 2009, No. 09-44
– This edition of Defining Issues reports on the SEC's six-month extension for non-accelerated filers to begin complying with the final stage of the Sarbanes-Oxley Act of 2002. Section 404(b) now requires filers to include an auditor’s report on the effectiveness of internal control over financial reporting, beginning with their annual reports for fiscal years ending on or after June 15, 2010, instead of December 15, 2009.
Defining Issues [PDF 2.15Mb]: SEC Guidance on Internal Control over Financial Reporting, June 2007
– This issue of Defining Issues describes the new interpretive guidance for management evaluations of internal controls over financial reporting, and related rule amendments that are intended to allow management to comply with section 404 of the Sarbanes-Oxley Act more cost-effectively.
Defining Issues [PDF 1.15Mb]: New PCAOB Auditing Standard on Internal Control over Financial Reporting, May 2007
– KPMG in the US’s Defining Issues describes a new PCAOB auditing standard that would affect the auditor's work in forming an opinion on internal control over financial reporting. The new standard will supersede the Board's existing standard for an audit of internal control over financial reporting that is integrated with an audit of financial statements.
- Sarbanes-Oxley Section 404 [PDF 2.15Mb]: Management's Assessment Process – Frequently Asked Questions – Published in October 2004, this publication is directed to management, members of corporate teams working toward assessment of internal controls over financial reporting, and audit committee members. It is designed to help clarify a number of key issues related to management's assessment process. Specifically, it addresses questions and provides general guidelines that management may use for planning and assessing the effectiveness of internal control over financial reporting.