Toronto, September 11, 2003 - The Canadian Public Accountability Board (CPAB) has released a proposed registration process for auditors of reporting issuers. The draft is available on its new website for a 60-day comment period at www.cpab-ccrc.ca. Gordon Thiessen, the Chair of CPAB, is encouraging audit firms and other interested parties to submit comment.

A new rule proposed by the Canadian Securities Administrators (CSA) on June 27, 2003 (Multilateral Instrument 52-108, Auditor Oversight) will require auditors of reporting issuers to be participants in good standing with the CPAB when they issue an auditor’s report with respect to their clients’ financial statements. The CSA rule, which is open to comment until September 25, is expected to take effect in the new year. The two-step registration process proposed by the CPAB requires firms to file a notice of their intent to participate by December 31 and to complete their registration by February 29, 2004.

"This is a very important milestone for the CPAB," said Thiessen. "With the appointment of our CEO and the launch of the registration process, the CPAB is in a good position for us to begin our oversight role this year. I encourage both auditors and those who use audit services to carefully examine the process we are proposing and provide us with comments to ensure that we have captured a process that is fair and transparent."

The CPAB was created in 2002 by Canada’s financial and securities regulatory authorities as part of a series of initiatives to restore investor confidence. Its mandate is to promote high quality, independent auditing of public companies in Canada.

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Eric Pelletier
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