Notice of BCSC Non-Objection to Housekeeping Amendments to MFDA Form 1 (Financial Questionnaire and Report)
On July 24, 2007, the BCSC did not object to the amendments to MFDA Form 1 (Financial Questionnaire and Report). The Saskatchewan Financial Services Commission, Ontario Securities Commission, Nova Scotia Securities Commission, New Brunswick Securities Commission, and Alberta Securities Commission have approved, and the Manitoba Securities Commission has not disapproved of, the amendments.
The amendments reflect the requirements of section 5600 in the Handbook of the Canadian Institute of Chartered Accountants. As a result, when auditors are engaged to report on financial statements prepared using a basis of accounting other than GAAP, they must modify their standard Auditor's Report to disclose this fact to the financial statement user. The amendments also require Members to disclose revenue earned and referral fees separately in Statement D of the Financial Questionnaire and Report.
The amendments are housekeeping in nature. A copy of the amendments is attached.
September 7, 2007