Is there a difference between SOX requirements for U.S. and Canadian companies?
Yes. When the CSA (Canadian Security Authority) determined that Canadian companies must comply with SOX requirements, they adopted identical standards to those found in the U.S. Since that time and in response to industry input and the outcry in the U.S., they’ve modified standards to a) not require use of COSO as the control framework and b) not require certification of results of SOX assessment by the company’s external auditor. While the standards in Canada may appear to be relaxed from the U.S., Canadian companies are recognizing that they place greater responsibility on the company to effectively assert their control environments.
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