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(2) Every director and officer of a corporation shall comply with this Act, the regulations, articles, by-laws and any unanimous shareholder agreement. (3) Subject to subsection 146(5), no provision in a contract, the articles, the by-laws or a resolution relieves a director or officer from the duty to act in accordance with this Act or the ...
Securities regulation in Canada is conducted by the various provincial securities commissions and self-regulating organizations (“SRO”) such as the MFDA and IIROC. Securities are issued under the authority and oversight of these bodies with the result that a broad range of rules apply to companies seeking to raise capital and to the parties ...
If CPAs fail to modify the audit report on financial statements that are materially misstated, investors and firm creditors may experience substantial losses. Depending on the jurisdiction, CPAs may be liable for damages based upon common law, statutory law, or both. Common law liability arises from negligence, breach of contract, and fraud.
The International Organization for Standardization (ISO) and its ISO 37301:2021 (which deprecates ISO 19600:2014) standard is one of the primary international standards for how businesses handle regulatory compliance, providing a reminder of how compliance and risk should operate together, as "colleagues" sharing a common framework with some nuances to account for their differences.
Statutory Orders and Regulations (SOR) is a legal term and filing system that allows the Government of Canada to function by regulation subsidiary to legislation. SOR documents are published in the Canada Gazette. [1] [2] [3] [4]
In compilation auditors are required to take a look at financial statement to make sure they are free of obvious misstatements and errors. An external auditor may perform a full-scope financial statement audit, a balance-sheet-only audit, an attestation of internal controls over financial reporting, or other agreed-upon external audit ...
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They are organized by alphabetical order and are updated and amended by the Government of Canada from time to time. [1] [2] The Revised Statutes of Canada (RSC) consolidates current federal laws in force, incorporating amendments into acts, adding new substantive acts enacted since the last revision and deleting rescinded acts.