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The Dealer Member's auditor must audit the Dealer Member’s fiscal year Form 1 filing in accordance with Canadian Auditing Standards. The audit of a Dealer Member requires a substantive approach and must include a review of the accounting system and the internal controls for safeguarding assets.
The review must:
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cover any in‑house or service bureau electronic data processing operations, and
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where applicable, consider and include the appropriate report based on the Canadian Standard on Assurance Engagements 3416, Reporting on Controls at a Service Organization.
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Although conducted in accordance with Canadian Auditing Standards, a Dealer Member’s substantive audit procedures must be performed as at the fiscal year-end audit date and not as of an earlier date.
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A Dealer Member’s risk adjusted capital and early warning reserve levels must be considered when determining materiality for the Dealer Member’s audit.
There is no history log for this rule.