The Institute of Internal Auditors (IIA) Canada, recently provided some feedback to the CSA regarding the proposed changes to MI 52-109 announced April 28, 2008.

Todd Horbasenko, CIA, CCSA, Chair of the Canadian Council, submitted on June 16th, 2008 the comments of The IIA Canada regarding the latest draft of 52-109 – Certification of Disclosure in Issuers’ Annual and Interim Filings. “ We are generally satisfied with the improvements made in this new release of NI 52-109, including the proposed new form of certificate for venture issuers (venture issuer basic certificate), recourse to the “material weakness” concept rather than “reportable deficiency”, and the increased extent of guidance in the Companion Policy” says Mr. Horbasenko. He adds: “However, we note that potential roles for Internal Audit remain absent from the policy itself and its companion policy.” For further details, please click here.