AFM101 Chapter Notes - Chapter 6: Canadian Securities Administrators, Financial Statement
Chapter 6
Regulators
o Reporting financial information has strict regulations and
standards that are created by government regulators and
private standard-setting organizations
o Canadian Securities Administrators (CSA) is made up of 13
securities regulators
o Accounting Standards Board (AcSC) establishes standards of
accounting and reporting by Canadian companies
Managers (CFO, CFO, and Accounting Staff)
o Have the responsibility of managing the annual report
o These officers must certify the following:
â–Ş Based on their knowledge, having exercise reasonable
diligence (statements are true)
â–Ş They have disclosed to the auditors and audit committee
significant deficiencies and weaknesses
â–Ş Disclosed to the auditors, board, and audit committee any
fraud involving management or other employees
• Board of Directors (audit committee)
o Elected by shareholders to represent their interests, responsible
fo aitaiig itegity of the copay’s fiacial epots
• Auditors
o Are professional independent accounting following international
standards on accounting whom audit companies
o A uualified CLEAN audit opiio is the audito’s declaatio
that the financial statement are fair presentations in all material
respects in conformity with the IFRS
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AFM101 Full Course Notes
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