On October 24, 2008 the OSC released the long awaited revisions to National Instrument 52-109. This is a follow up to the announcement on April 28, 2008 that various aspects were under revision and public comment was welcomed. Well, the final program for Canadian “SOX” is now in place, and as expected, the effective date for full implementation is December 15, 2008 – no extensions.There are 2 PDF files located on the OSC web-site that I would highly recommend be reviewed. Unfortunately I cannot provide these files on the GFS Website, but the URL web-site links are indicated below.

One of the files provides updated Certification templates, which are to be used as part of the CEO / CFO certifications. Organizations will need to ensure that they are using the correct prescribed format for their certifications.

The other file is referred to as the Companion Policy, and provides excellent guidance on a wide range of topics, and is written in plain English and easy to understand – provided you understand internal controls and financial reporting. I highly recommend that you take the time to read these and ensure that your company complies.

As usual, please don’t hesitate to contact me if you need assistance – I will try to help you in any way that I am able. Thanks for tuning in and have a great day!

Gary Schein
GFS Consulting
905-630-1607

Member: Institute of Internal Auditors

OSC Web-site Links

Click here to access the NI 52-109 Certification Policy
Click here to access the Companion Policy

Notice the PDF option at the top right hand corner of the screen.