News & Analysis as of

Canada Audits

Stikeman Elliott LLP

New Amendments to Auditor Oversight Rules Require Access to Audit Working Papers of Component Auditors

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Changes to National Instrument 52-108 Auditor Oversight and its Companion Policy (the Amendments) require auditors that perform a significant portion of a reporting issuer’s audit work to provide the Canadian Public...more

Blake, Cassels & Graydon LLP

L’ASFC publie sa liste des priorités de vérification douanière

L’Agence des services frontaliers du Canada (l’« ASFC ») effectue régulièrement des vérifications auprès des importateurs afin d’évaluer leur conformité à la législation douanière du Canada. De telles vérifications peuvent...more

Blake, Cassels & Graydon LLP

The CBSA Publishes its Customs Audit Priorities List

The Canada Border Services Agency (CBSA) regularly conducts audits or “verifications” of importers, to assess compliance with Canada’s customs laws. Such verifications could result in additional duties, GST and/or other...more

American Conference Institute (ACI)

[Virtual Event] Global Economic Sanctions Forum for Canadian Operations - November 19th, 8:50 am - 5:30 pm EDT

The Canadian Institute is proud to announce the Virtual 6th Annual Forum on Economic Sanctions For Canadian Operations taking place virtually on November 19, 2020. This program offers a full day of up to the minute analysis...more

Bennett Jones LLP

CBSA Publishes Update of Trade Verification Priorities: Are You Ready?

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The Canada Border Services Agency (CBSA) updated its online statement of its current trade verification (audit) priorities in July 2019. Importers of goods targeted for verification would be wise to ensure that they have...more

K&L Gates LLP

Cryptocurrency Firms Struggle to Engage Auditors

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In January 2019, Canada’s largest cryptocurrency exchange, QuadrigaCX, announced that it had lost $180 million of virtual currency, prompting calls for tighter regulatory oversight of the industry....more

Robins Kaplan LLP

Your Daily Dose of Financial News

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Nissan’s Carlos Ghosn problems now extend to the United States, where the Securities and Exchange Commission has opened a probe into the accuracy of the company’s financial disclosures and internal controls....more

Bennett Jones LLP

2019 ISS and Glass Lewis Updates to Canadian Proxy Voting Guidelines

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Institutional Shareholder Services ("ISS") and Glass, Lewis & Co ("Glass Lewis") have both released their updates to their respective Canadian proxy voting guidelines for the 2019 proxy season. The ISS updates apply to...more

Bennett Jones LLP

CBSA Announces 2018 Trade Verification Priorities

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In a New Year's tradition, the Canada Border Services Agency (CBSA) has published its trade verification (audit) priorities for 2018. The audits cover three programs that affect the amount of duties and Goods and Services...more

Bennett Jones LLP

No Appeal of BP Canada Decision on Working Papers, Announces CRA

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The Canada Revenue Agency (CRA) has announced that it will not seek leave to appeal the Federal Court of Appeal's decision in the BP Canada case. This means that the Court's decision to deny the CRA general and unrestricted...more

Bennett Jones LLP

2017 ISS and Glass Lewis Updates to Canadian Proxy Voting Guidelines

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Institutional Shareholder Services (ISS) and Glass, Lewis & Co (Glass Lewis) have both released their updates to their respective Canadian proxy voting guidelines for the upcoming 2017 proxy season. The ISS updates apply to...more

Bennett Jones LLP

Update on Auditing the Audit

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Most jurisdictions in Canada require the unanimous consent of all shareholders (including non-voting shareholders) in order for a non-distributing corporation to dispense with an audit. The requirement is absolute and...more

Bennett Jones LLP

Towards the Creation of IT Security Standards for the Alberta Oil and Gas Industry

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In its first public report of 2016, the Office of the Auditor General of Alberta reviewed, among other things, IT security for industrial control systems used in Alberta’s oil and gas industries (Report of the Auditor General...more

Blake, Cassels & Graydon LLP

Risky Business: Assessment of Inherent Risks of Money Laundering and Terrorist Financing in Canada and Guidance on the Risk-Based...

In preparation for the audit of Canada’s anti-money laundering and terrorist financing regime by the Financial Action Task Force (FATF) in the fall of 2015, the Department of Finance and the Financial Transactions and Reports...more

Bennett Jones LLP

CBSA Updates its 2015 Trade Verification/Audit Targets

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This month, the Canada Border Services Agency (CBSA) updated its customs compliance verification priorities for 2015. Trade program verifications of tariff classification, customs valuation and origin are not limited to...more

Blake, Cassels & Graydon LLP

Update: Alberta Pension Legislation Presents New Obligations and Opportunities

As discussed in our July 2014 Blakes Bulletin: Alberta’s New Pension Legislation to Take Effect September 1, 2014, the Alberta government has announced that the new Employment Pension Plans Act (New Act) and its associated...more

Bennett Jones LLP

CBSA Announces Mid-2014 Audit Targets

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As is its practice, the Canada Border Services Agency recently announced its semi-annual trade verification targets for the balance of 2014. Many targets continue from the past, while new ones have been added....more

Bennett Jones LLP

ISS Announces Key 2014 Draft Policy Updates

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On October 21, 2013, Institutional Shareholder Services (ISS), an influential proxy advisory firm, released three proposed updates to its Canadian proxy voting guidelines. The proposed updates relate to director overboarding,...more

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