Mr. Speaker, in response to the recent events on the world financial markets, federal and provincial regulators and Canada's chartered accountants have created a new system to oversee the auditors of public companies in Canada. This new body will require that Canadian chartered accountant firms undergo frequent and rigorous inspections and implement tighter quality control requirements.
This is good news for all Canadians who place their trust and their investment dollars in the many firms from coast to coast.
The new public oversight system is a step forward in efforts to ensure Canadians receive accurate information on corporate performance. Canadians deserve the peace of mind of knowing that their hard-earned money is working for them.
I am pleased that Canadian companies are spearheading this initiative to protect Canadian investments.