Ratings agency plans to use existing U.S. methodology
If the latest proposal from Canadian regulators requiring Canadian public companies to evaluate their internal controls moves forward, Moody’s Investors Service says it will apply the same methodology currently used to assess internal control weaknesses already in use in the U.S. to Canadian companies, too.
On March 10, the Canadian Securities Administrators released a notice indicating that they will require the CEOs and CFOs of Canadian public companies to certify their evaluations of the
effectiveness of their companies’ internal controls over financial reporting. This is a significant change from the initial proposal and current US requirements because it does not require management’s assessment to be audited by its independent auditors.
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