An Act to amend the Canada Business Corporations Act (qualification of auditor)

This bill was last introduced in the 39th Parliament, 2nd Session, which ended in September 2008.

This bill was previously introduced in the 39th Parliament, 1st Session.

Sponsor

Pat Martin  NDP

Introduced as a private member’s bill. (These don’t often become law.)

Status

Not active, as of June 6, 2006
(This bill did not become law.)

Summary

This is from the published bill. The Library of Parliament often publishes better independent summaries.

This enactment provides that a person may not become the auditor of a corporation if the person has provided professional services to the corporation or any of its affiliates within two years of the person’s proposed appointment.

Elsewhere

All sorts of information on this bill is available at LEGISinfo, provided by the Library of Parliament. You can also read the full text of the bill.

Canada Business Corporations ActRoutine Proceedings

June 6th, 2006 / 10 a.m.
See context

NDP

Pat Martin NDP Winnipeg Centre, MB

moved for leave to introduce Bill C-317, An Act to amend the Canada Business Corporations Act (qualification of auditor).

Mr. Speaker, I am pleased to introduce the bill regarding the Canada Business Corporations Act dealing with the independence of the auditors.

White collar crime is very much a blue collar issue and we must be able to trust the financial statements of the companies where our pension plans are invested.

The bill would state that if one is the auditor for a company one should not be selling any other financial services to that same company. In other words, one should not be auditing one's own work. In this way people would have more confidence in the financial statements of the companies where our union plans and so on invest.

(Motions deemed adopted, bill read the first time and printed)