moved for leave to introduce Bill C-259, An Act to amend the Canada Business Corporations Act (annual financial statements).
Mr. Speaker, I want to again thank my colleague from Thunder Bay—Rainy River for being present today to second this important legislation.
We believe that if an auditor has undertaken other work for a business or a corporation, that information should be freely disclosed on the company's financial statements. In other words, there should be a mandatory declaration by the auditor clearly outlining what other financial services either he or the firm that he or she works for have provided for that corporation.
We call this the Enron article because that was exactly the situation in the historic collapse of Enron. Auditors were selling financial services to the company at one end and then auditing those same books and finding them to be A-okay. We do not want that to happen to Canadians. That is why this is necessary legislation.
(Motions deemed adopted, bill read the first time and printed)