Auditor Independence Peter Mills

Status Update – Auditor Independence

• Performed stakeholder outreach
• Presentation to some interest groups (e.g., Institute of Corporate Directors (ICD))
• Comment period closed November 16, 2012
• Continuing to analyze the responses
• Early January the working group will review analysis of the responses

Status Update – Auditor Independence

CPAB Symposium held November 30, 2012

• Representation from
• Canadian banking, investors, securities and audit regulators, audit committees, and audit firms
• Steven Maijoor, Chair of the European Securities and Markets Authority
• Stephen Hadrill, CEO of the UK Financial Reporting Council)
• Steven Harris, Board Member of US Public Company Accounting Oversight Board
• Nathalie Berger, Head of Unit Audit and Credit Rating Agencies, DG Internal Market, European Commissions
• At least in Canada there was wide support for mandatory comprehensive review and the positions recommended on non-audit services, audit-only, joint audits
• Audit Committee working group continues to work through operationalizing mandatory comprehensive review

Questions?