Regulators Revise Timeline for Internal Control Reporting 948

  • Hi guys,

    Need your input on the impact of the following notification…
    'The Canadian Securities Administrators (CSA) announced today that they have extended the timeline for the internal control reporting project. The earliest an internal control reporting instrument would apply is in respect of financial years ending on or after June 30, 2007. Under the proposed internal control instrument, as it was originally published, internal control reporting requirements were to be phased in over four years, commencing with financial years ending on or after June 30, 2006.
    How does this impact the company from being compliant with Canadian equivalent of SOX…
    Does this mean all the internal control compliance projects can be postponed in canada , since the companies now have a breather?
    What kind of issues can a canadian companies face by postponing their compliance requirements?

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