IFRS + SOX + Bill 198

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Shades of SOX

As changes to financial reporting, IT systems, business processes and perhaps entity controls evolve throughout the IFRS conversion time frame, it’s critical that internal controls, especially those related to NI 52-109 and SOX 404 certification, are maintained, redesigned and operate effectively throughout the IFRS conversion project.

For most companies the experience of the SOX project is still fresh, and many of the same project oversights, support, monitoring and testing are applicable to IFRS. This would include:
• Documentation and testing of processes.
• Changes in certification process.
• Internal or external staff and Project leads.

The last thing a company wants to have happen is to let all of the SOX hard work and success be eclipsed by financial reporting problems related to IFRS.

Edelkoort | Smethurst | Schein CPAs LLP is located in Burlington Ontario servicing the Golden Horseshoe and Greater Toronto Area and beyond. The firm is fully licensed with CPA Ontario to provide assurance, tax and accounting services as well as registered as tax preparers with the Canada Revenue Agency (CRA) & Internal Revenue Service (IRS). The firm is also registered as an IRS Certified Acceptance Agent.

All blog posts published on this site are for informational purposes only and do not constitute professional advice. Readers should contact a professional to discuss their individual situation. Neither the author or the accounting firm shall accept any liability for any reliance placed on the information posted.

2009-06-02T14:06:30+00:00

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