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Canada introduces its version of Sarbanes-Oxley

Canada introduces its version of Sarbanes-Oxley

by Rick Turoczy on March 17, 2006

On March 10, the Canadian Securities Administrators – the Montreal-based council of provincial and territorial securities regulators – announced proposals that would require all publicly traded companies to report on the effectiveness of their internal controls over financial reporting, though auditor attestation won’t be required.

“We believe the proposed additional disclosure will increase management’s focus on, and accountability for, the quality of internal controls over financial reporting,” said Jean St-Gelais, chairman of the CSA and president and chief executive of Quebec’s Autorit%E9; des march%E9;s financiers, which is based in Montreal.

Canada introduces its version of Sarbanes-Oxley

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