Since this is the very first blog posting on the Edelkoort Smethurst Schein CPA’s LLP web-site, I wanted to write about something that matters a great deal to me and a lot of other people, a subject that is top of mind for most CEO’s and CFO’s in Canada – C-SOX (Bill 198) – Canada’s version of the Sarbanes Oxley Act of 2002 (SOX) in the United States.
C-SOX or Bill 198 (pick your term) – this is a subject matter in which I have a great deal of interest and concern about. True, it may not be the most exciting area, and it is certainly a great deal of work, but in my opinion it is an extremely important piece of legislation and well worth the effort to implement. Companies that view C-SOX strictly as a “must do” exercise in compliance, are missing out on a great opportunity to significantly improve the efficiency and effectiveness of their operations. Yes, C-SOX is primarily concerned about the integrity of financial reporting, however it also provides companies with all the motivation in the world to review and improve business processes. Yes, we must work on striking the correct balance between cost and compliance, but I am sure this will happen in time. The U.S. has shown this flexibility in this regard with the recent Auditing Standard #5, and Canada has always had the advantage of learning from U.S. experience with its deliberate “wait and see” approach. Look at it another way – if all of the additional oversight, transparency, and good corporate governance that is created with C-SOX prevents another accounting scandal such as Enron, where thousands lost their life savings, it is worth it!
One of the main reasons that I wanted to set up the Edelkoort Smethurst Schein CPA’s LLP web-site, is because I want it to become a site where people can go to get a comprehensive overview of C-SOX. There are many other excellent sites, but my finding is that none cover the full range of information that I wanted to see. At least that’s my opinion – I would be interested in your thoughts.
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.