Securities Law

BCN 2004/15 - Adoption of National Instrument 52-108 Auditor Oversight [BCN - Rescinded]

Published Date: 2004-03-29
Effective Date: 2004-03-30

Substance and purpose of the Instrument
Effective March 30, 2004, the British Columbia Securities Commission is adopting National Instrument 52-108 Auditor Oversight.

The purpose of the Instrument is to contribute to public confidence in the integrity of financial reporting of reporting issuers by promoting high qualify, independent auditing. Where a reporting issuer files its financial statements accompanied by an auditor’s report, the Instrument will require the reporting issuer to have the auditor’s report signed by a public accounting firm that:

  • participates in the Canadian Public Accountability Board (CPAB) oversight program, and
  • complies with any restrictions or sanctions imposed by the CPAB.

For jurisdictions other than British Columbia, Alberta and Manitoba, the Instrument also imposes some direct requirements on a public accounting firm preparing an auditor’s report with respect to the financial statements of a reporting issuer.

Prior publications
We published for comment a previous version of NI 52-108 in September 2003 (BCN 2003/35). On January 28, 2004, we published advance notice that, subject to government approval, we expected to adopt NI 52-108 as a rule effective March 30, 2004 (BCN 2004/06).


Questions
You may refer questions to:

Susan Toews
Senior Legal Counsel
Legal and Market Initiatives
British Columbia Securities Commission
(604) 899-6764
(800) 373-6393 (in B.C. and Alberta)
stoews@bcsc.bc.ca

March 29, 2004

 


Douglas M. Hyndman
Chair

Ref:  National Instrument 52-108 Auditor Oversight

This Notice may refer to other documents. These documents can be found at the B.C. Securities Commission public website at www.bcsc.bc.ca in the Commission Documents database or the Historical Documents database.