AFM101 Lecture Notes - Lecture 5: Canadian Securities Administrators, Deloitte, Canada Revenue Agency

• School: University of Waterloo
• Department: Accounting & Financial Management
• Course: AFM101
• Professor: Donna Psutka

Document Summary

Week 5 chapter 6: communicating and interpreting accounting information. Forum for the 13 securities regulators of ca(cid:374)ada"s p(cid:396)o(cid:448)i(cid:374)(cid:272)es a(cid:374)d te(cid:396)(cid:396)ito(cid:396)ies. Established to harmonize regulation of the canadian capital markets. Canadian publicly traded corporations must comply with provincial securities regulations. Protect investors from unfair, improper, or fraudulent practices. Foster fair, efficient, and vibrant capital markets. Responsible for establishing standards of accounting and reporting by canadian companies. Ensure that companies prepare their financial reports in accordance with these standards. Audit work is guided by international standards on auditing. Adopted by the canadian auditing and assurance standards board (aasb) as canadian. Along with provincial governments, set overall corporate governance standards. Undertaking ongoing surveillance of their reporting and trading activities. Undertake independent investigations and share information with securities commissions (e. g. canada revenue agency, rcmp) when noncompliance with accounting standards is suspected. Temporary cease-trade orders, fines, and delisting of companies. Primary responsibility for information in financial statements lies with management.