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Originally Posted by simmer2
Maybe an accountant here can shed some light on the situation.
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I'm also trying to figure this out...independent audits are done for every single public company. Seems she wants accountability for companies that produce misleading financial statements...seems the $1 million fine paid by Nortel to the OSC is holding them accountable, though it would be nice if investors that suffered due to this would be compensated in some form.
Some of her recommendations:
- A Canada Securities Commission with national oversight to which all provincial securities would report;
Seems redundent...one should do
-Stricter accounting oversight and auditing of Canadian companies, including new demands for disclosure by Canadian executives;
-I'm curious about what sort of oversight...maybe some sort of accountability board that oversees the financial reporting process, and that the independent audits are being done properly? Oh wait, that was created in 2002 in response to the scandals she referenced...
CPAB link
-Whistle blower protection for corporate employees and tougher rules governing corporate perks and disclosure.
I'm pretty sure Whistle Blower protection exists...tougher rules over governing corporate perks/disclosure seems fair (although a lot is disclosed at an upper management level), but is going to be really hard to enforce in other areas (ie, fraudulent/illegal perks)
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