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1 CAUBO Financial Reporting Seminar – Audit and Accounting Update - 2006 ©2006 Deloitte & Touche LLP and related entities.
Financial Reporting Seminar – Accounting and Audit Update
2 CAUBO Financial Reporting Seminar – Audit and Accounting Update - 2006 ©2006 Deloitte & Touche LLP and related entities.
Agenda:
•Introduction
•What’s new?
– Auditing Standards
– Accounting Standards
– International Financial Reporting Standards (IFRS)
•Wrap –up and Questions
3 CAUBO Financial Reporting Seminar – Audit and Accounting Update - 2006 ©2006 Deloitte & Touche LLP and related entities.
Introduction
14
4 CAUBO Financial Reporting Seminar – Audit and Accounting Update - 2006 ©2006 Deloitte & Touche LLP and related entities.
Our Firm Experience
• Largest professional services firm providing a full range of professional services.
• Over 6,600 highly qualified professionals serve clients from offices in 46 Canadian cities
• Deloitte is a leader in serving Higher Education institutions across North America.
• Our Public Sector Group include research institutions, colleges, multi-campus systems, private and public universities, and a broad range of professional and other schools.
University of Ottawa
University of Calgary
St. Francis Xavier University
Carleton University
University du Québec en Outaouais
University of New Brunswick
St-Paul University
University du Québec à Montréal
Memorial University of Newfondland
University of Guelph
University du Québec à Rimouski
University of Waterloo
McMaster University
University du Québec à Trois Rivières
University of Western Ontario
Queen University
École des Hautes Études Commerciales
University of Windsor
Ryerson University
Université de Sherbrooke
Université Laval
University of Toronto
McGill University
Concordia University
5 CAUBO Financial Reporting Seminar – Audit and Accounting Update - 2006 ©2006 Deloitte & Touche LLP and related entities.
• Christopher Wiegand – Christopher is an audit partner in the Montreal office. He is the engagement partner on the audit of McGill University, and has quality assurance roles on audits of three other universities. He also has extensive experience with not-for-profit organizations.
• Eric Girard – Eric is a senior manager specializing in the public sector. He is the engagement senior manager on the audit of University of Ottawa and has extensive experience with not-for-profit organizations.
• Eric Graham - Eric Graham is the Ottawa leader of our Complex Accounting & Transaction Expertise group. In his role, Eric helps organizations understand complex financial accounting and disclosure issues.
Speakers
6 CAUBO Financial Reporting Seminar – Audit and Accounting Update - 2006 ©2006 Deloitte & Touche LLP and related entities.
What’s New in Auditing Standards
7 CAUBO Financial Reporting Seminar – Audit and Accounting Update - 2006 ©2006 Deloitte & Touche LLP and related entities.
•The assurance practice now lives strictly according to rules
•Compliance with those rules is the major challenge of auditing – and of those who associate with auditors in a multi-disciplinary firm
•Day-to-day behaviour is driven by the objective of compliance – and the consequences of non-compliance
New Standards of Behaviour
8 CAUBO Financial Reporting Seminar – Audit and Accounting Update - 2006 ©2006 Deloitte & Touche LLP and related entities.
New Auditing Standards
•Previously:
– the auditor is permitted to rely upon the assumption of management’s good faith and integrity:
•Now…
9 CAUBO Financial Reporting Seminar – Audit and Accounting Update - 2006 ©2006 Deloitte & Touche LLP and related entities.
Fraud and Error
• Error: an unintentional misstatement in financial statements, including the omission of an amount or a disclosure, such as:
– A mistake in gathering or processing data from which financial statements are prepared;
– An incorrect accounting estimate arising from oversight or misinterpretation of facts; and
– A mistake in application of accounting principles relating to measurement, recognition, classification, presentation, or disclosure.
• Fraud: an intentional act by one or more individuals among management, other employees, those charged with governance or third parties, involving the use of deception to obtain an unjust or illegal advantage.
– Misstatements resulting from fraudulent financial reporting
– Misstatements arising from misappropriation of assets[CICA Handbook]
10 CAUBO Financial Reporting Seminar – Audit and Accounting Update - 2006 ©2006 Deloitte & Touche LLP and related entities.
Fraud and Error – Impact on the Universities• The primary responsibility for the prevention and detection of
fraud rests with both those charged with governance of the entity and with management…
• It is the responsibility of those charged with governance of the entity to ensure, through oversight of management, ….that the entity establishes and maintains internal control to provide reasonable assurance with regard to the reliability of financial reporting…and compliance with laws and regulations…
• In exercising oversight responsibility, the audit committee or equivalent considers the potential for management override of internal controls or other inappropriate influence over the financial reporting process, such as efforts by management to manage earnings in order to influence the perceptions of analysts as to the entity’s performance and profitability.
11 CAUBO Financial Reporting Seminar – Audit and Accounting Update - 2006 ©2006 Deloitte & Touche LLP and related entities.
Changes in Handbook Auditing Standards
• Fraud and Error:– An auditor conducting an audit in accordance with GAAS
obtains reasonable assurance that the financial statements taken as a whole are free from material misstatement, whether caused by fraud or error…
– An auditor considers the potential for management override of controls and recognizes the fact that audit procedures that are effective for detecting error may not be appropriate in the context of an identified risk of material misstatement due to fraud…
– Members of the engagement team should discuss the susceptibility of the entity’s financial statements to material misstatement due to fraud…
– That discussion occurs with a questioning mind, setting aside any beliefs that the engagement team members may have that management and the audit committee are honest and have integrity…
12 CAUBO Financial Reporting Seminar – Audit and Accounting Update - 2006 ©2006 Deloitte & Touche LLP and related entities.
Changes in Handbook Auditing Standards
•Specific risk areas:
– Management override of internal controls
– Journal entries and other “consolidating adjustments” to the statements
– Complex transactions with no business rational
– Biased accounting estimates
– Material misstatements of revenue
13 CAUBO Financial Reporting Seminar – Audit and Accounting Update - 2006 ©2006 Deloitte & Touche LLP and related entities.
Assurance Developments• A number of new assurance standards were issued or modified
during 2005 in connection with an international audit risk project which has been in progress since 2001.
• The changes in the assurance standards relate to the auditor's understanding of the entity and its internal control and are intended to achieve the following objectives:
Improve risk assessments and better link assessed risks of material misstatement to the auditor's evidence gathering procedures.
Ensure that Canadian standards are harmonized with the equivalent US and international standards.
• The most significant changes include the performance of control testing on the design and implementation of controls each year on all significant business cycles and entity level controls. Additionally, changes have been made to audit planning standards, documentation standards and levels of substantive testing.
14 CAUBO Financial Reporting Seminar – Audit and Accounting Update - 2006 ©2006 Deloitte & Touche LLP and related entities.
Assurance Developments
CICA Handbook Section Withdrawn Added Modified
5130 Materiality and Audit Risk in Conducting an Audit
5140 Knowledge of the Entity’s Business
5200 Internal Control in the Context of an Audit
5205 Understanding Internal Control for Audit Planning Purposes
5210 Assessing Control Risk
AuG-31 Applying Materiality and Audit Risk Concepts in Conducting an Audit
5095 Reasonable Assurance and Audit Risk
5141 Understanding the Entity and its Environment and Assessing the Risks of Material Misstatement
5142 Materiality
5143 The Auditor’s Procedures in Response to Assessed Risks
AuG-41 Applying the Concept of Materiality
5145 Documentation
5300 Audit Evidence
15 CAUBO Financial Reporting Seminar – Audit and Accounting Update - 2006 ©2006 Deloitte & Touche LLP and related entities.
Changes to Auditing Standards
•Previous standards required a basic understanding of the control environment sufficient to assess whether or not a control reliance audit approach would be employed.
•New standards require an auditor to evaluate the design of internal controls over financial reporting and to determine if key controls have been implemented.
•These new standards require the auditor to spend time evaluating key internal controls over financial reporting even when no reliance is contemplated.
16 CAUBO Financial Reporting Seminar – Audit and Accounting Update - 2006 ©2006 Deloitte & Touche LLP and related entities.
Changes to Auditing Standards - Auditor Responsibilities
• Auditors are now required to undertake an assessment of the design of key controls for the company including
– entity wide processes;
– business cycle processes; and
– information technology processes
• Requirements are regardless of whether we intend to rely on such controls in conducting our audit, as well as determine if the controls identified exist and are implemented.
• The primary objective of these procedures is to identify any areas of risk that may be inherent in these processes so that we can appropriately plan the nature and extent of our audit tests.
17 CAUBO Financial Reporting Seminar – Audit and Accounting Update - 2006 ©2006 Deloitte & Touche LLP and related entities.
Changes to Auditing Standards – Impact on the Universities
•Management is responsible for preparing the financial statements in accordance with GAAP
•In this regard, Management is also responsible for establishing and documenting internal controls to provide reasonable assurance around the reliability of
– the financial reporting process;
– the effectiveness and efficiency of operations; and
– compliance with applicable laws and regulations.
18 CAUBO Financial Reporting Seminar – Audit and Accounting Update - 2006 ©2006 Deloitte & Touche LLP and related entities.
Changes to Auditing Standards – Impact on the Universities
How to efficiently prepare for those changes:
•Meet with your auditors to determine the level of required documentation
•Start early preparing the missing documentation
•Ask your internal auditors to support you
•Ask your external auditors for guidance
19 CAUBO Financial Reporting Seminar – Audit and Accounting Update - 2006 ©2006 Deloitte & Touche LLP and related entities.
What’s New in Accounting Standards
20 CAUBO Financial Reporting Seminar – Audit and Accounting Update - 2006 ©2006 Deloitte & Touche LLP and related entities.
Non-Monetary Transactions
June 2005
Section 3831
21 CAUBO Financial Reporting Seminar – Audit and Accounting Update - 2006 ©2006 Deloitte & Touche LLP and related entities.
What has changed?
•No culmination of the earnings process test – no more need to evaluate whether productive assets are “similar”
•Definition of non-monetary transaction excludes reference to 10% maximum monetary consideration
22 CAUBO Financial Reporting Seminar – Audit and Accounting Update - 2006 ©2006 Deloitte & Touche LLP and related entities.
Overview
•Record non-monetary transactions at fair value unless:
– Transaction has no commercial substance
– Fair values not reliably measurable
– Transaction is exchange of inventory – Transaction is non-monetary, non-reciprocal transfer to owners
•Gains and losses recognized in net income
23 CAUBO Financial Reporting Seminar – Audit and Accounting Update - 2006 ©2006 Deloitte & Touche LLP and related entities.
Commercial Substance
Transactions have commercial substance if there is a:
• Significant change in the configuration of cash flows
OR
• The entity-specific value of the asset received differs from the entity-specific value of the asset given up and the difference is significant relative to the fair values of the items.
24 CAUBO Financial Reporting Seminar – Audit and Accounting Update - 2006 ©2006 Deloitte & Touche LLP and related entities.
Configuration of Cash Flows
•Consider changes in timing, amount, or risk of cash flows
•Significant change – matter of professional judgement
25 CAUBO Financial Reporting Seminar – Audit and Accounting Update - 2006 ©2006 Deloitte & Touche LLP and related entities.
Entity-Specific Value
•The present value of expected future cash flows from the continuing use of an asset and its ultimate disposal, or from settling a liability.
•Value dependent on specific use to the reporting entity, not on how it could be used by others
•When transaction has commercial substance, measure it at fair value rather than entity-specific value
26 CAUBO Financial Reporting Seminar – Audit and Accounting Update - 2006 ©2006 Deloitte & Touche LLP and related entities.
Reliably Measurable Fair Values
•When comparable market transactions do not exist, fair value is reliably measurable if:
– Variability in range of estimates not significant,
OR–Probabilities can be assigned to each estimate and used in estimating fair value
27 CAUBO Financial Reporting Seminar – Audit and Accounting Update - 2006 ©2006 Deloitte & Touche LLP and related entities.
Scope Exclusions
•Business combinations
•Employee future benefits
•Transactions between related parties
•Stock-based compensation payments
•Contributions received by not-for-profit organizations
28 CAUBO Financial Reporting Seminar – Audit and Accounting Update - 2006 ©2006 Deloitte & Touche LLP and related entities.
Disclosure - Non-Monetary Transactions
•Nature of transaction
•Basis of measurement and amount
•Related gains and losses
29 CAUBO Financial Reporting Seminar – Audit and Accounting Update - 2006 ©2006 Deloitte & Touche LLP and related entities.
Transitional Provisions
•Transactions initiated in periods beginning on or after January 1, 2006
•Early adoption permitted for transactions initiated in periods beginning on or after July 1, 2005
•A transaction is initiated on earlier of:
– Date a binding contract is executed, and
– Date of the exchange
•No retroactive application and no restatements
30 CAUBO Financial Reporting Seminar – Audit and Accounting Update - 2006 ©2006 Deloitte & Touche LLP and related entities.
The New Financial Instruments
Standards for NPOsSection 3855, 3865, 4410
31 CAUBO Financial Reporting Seminar – Audit and Accounting Update - 2006 ©2006 Deloitte & Touche LLP and related entities.
Overview of New Financial Instruments Standards for NPOs
• Financial instrument framework has a broad scope that will affect virtually all entities.
• Increased use of fair value measurement – potential impact is more volatility in the statement of operations. Now is the time to assess the potential impact.
• Framework consists primarily of 3 new Handbook Sections, as follows:
– S.1530, “Comprehensive Income”
– S.3855, “Financial Instruments – Recognition and Measurement”
– S.3865, “Hedges”
• S.1530 will not apply to NPOs; instead S.4400 has been amended
– Revenue, expenses, gains and losses recorded in statement of operations unless GAAP states otherwise.
– Separate disclosure of items recorded directly to the statement of changes in net assets.
32 CAUBO Financial Reporting Seminar – Audit and Accounting Update - 2006 ©2006 Deloitte & Touche LLP and related entities.
Effective date
• Effective for financial statements relating to fiscal years beginning on or after October 1, 2006.– Deferral to fiscal years beginning on or after October 1, 2007 does not apply
to not-for-profit organizations.
• Earlier adoption is permitted, but only as of the beginning of a fiscal year and it requires adoption of all 3 components
• There are decisions that need to be made as a result of this standard and possible documentation. Therefore, assessing the impact prior to the implementation date is recommended.
33 CAUBO Financial Reporting Seminar – Audit and Accounting Update - 2006 ©2006 Deloitte & Touche LLP and related entities.
Transition
With respect to transition to Sections 3855, 3865 and 4400:
• Restatement of prior period financial statements is not permitted
• All financial assets and liabilities at the date of adopting the new standards are classified and measured in accordance with the new standards
• Qualifying hedging relationships at the date of adopting the new standards are accounted for in accordance with the new standards
• Subject to the requirements of Section 4410 “Contributions – Revenue Recognition”, any adjustments to the previous carrying values of financial assets and liabilities at the date of adopting the new standards are included in the appropriate components of net assets at that date
34 CAUBO Financial Reporting Seminar – Audit and Accounting Update - 2006 ©2006 Deloitte & Touche LLP and related entities.
What is a Financial Instrument?
Financial asset
• Cash
• Contractual right– to receive cash or another financial
asset
– to exchange financial instruments under potentially favorable conditions
• Equity instrument in another entity
Financial liability• A contractual obligation to:
– Deliver cash or another financial instrument
– Exchange financial instruments with another party under potentially unfavorable conditions
Under Section 3855:
• A Financial instrument is “any contract that gives rise to a financial asset of one party and a financial liability or equity instrument of another party”
• Some examples: Cash, A/R, portfolio investments, loans payable and receivable, capital leases, A/P, bank indebtedness, derivatives…etc.
• Some examples of assets that are not financial instruments: inventory and prepaids
35 CAUBO Financial Reporting Seminar – Audit and Accounting Update - 2006 ©2006 Deloitte & Touche LLP and related entities.
Sample Statement of Net AssetsCurrent Assets 20X2 20X1
Cash and term deposits 122,000$ 160,000$
Accounts receivable 20,000 10,000
Grants receivable 30,000 25,000
Prepaid expenses 10,000 10,000
182,000 205,000
Investments (market value $260,000) 240,000 100,000
Capital assets (net) 617,000 125,000
1,039,000$ 430,000$
Current liabilities
Accounts payable and accrued liabilities 25,000$ 20,000$
Mortgage payable - current 6,000 -
31,000 20,000
Mortgage payable - long term 441,000 -
Deferred contributions 118,000 105,000 Deferred contributions related to capital assets 67,000 70,000
Deferred building campaign contributions and related investment income 80,000 -
265,000 175,000
Net assets (summarized) 302,000 235,000
1,039,000$ 430,000$
36 CAUBO Financial Reporting Seminar – Audit and Accounting Update - 2006 ©2006 Deloitte & Touche LLP and related entities.
Held for Trading
Financial Asset Classification
•Active and frequent buying and selling – debentures, shares
• Short-term profit generation
• All derivatives
• Record at fair value
• Can irrevocably decide to designate any financial asset or liability as held for trading
• No reclassifications permitted in or out
Financial Assets
37 CAUBO Financial Reporting Seminar – Audit and Accounting Update - 2006 ©2006 Deloitte & Touche LLP and related entities.
Financial Asset Classification
• Assets with fixed and determinable payments – i.e. Bonds, and other debt instruments
• Holder must have the ability and intention to hold to maturity
• Record at amortized cost
• Reclassifications out are permitted under certain circumstances
• If “more than insignificant” sales occur:– The company cannot use the “Held
to Maturity” classification for two years
– All “Held to Maturity” assets must be reclassified as “Available for Sale”
Financial Assets
Held For Trading
Held To Maturity
38 CAUBO Financial Reporting Seminar – Audit and Accounting Update - 2006 ©2006 Deloitte & Touche LLP and related entities.
Financial Asset Classification
Financial Assets
Held To Maturity
Loans & Notes
Receivable
Held For Trading
• Example: bank loans, A/R
• Excludes debt securities
• Record at amortized cost
39 CAUBO Financial Reporting Seminar – Audit and Accounting Update - 2006 ©2006 Deloitte & Touche LLP and related entities.
Financial Asset Classification
Available for Sale
Financial Assets
Held To Maturity
Loans & Notes
Receivable
Held For Trading
40 CAUBO Financial Reporting Seminar – Audit and Accounting Update - 2006 ©2006 Deloitte & Touche LLP and related entities.
Reclassifications Between Categories
Held for Trading
• NO reclassifications permitted in or out
• Difference with US GAAP – in accordance with IAS
Held to Maturity
• Reclassifications out are permitted if they occur:– Within few months of maturity– After 85% of principal is collected– Due to isolated event beyond control of entity
• If “more than insignificant” sales/reclassifications occur:– Company cannot use “Held to Maturity” category for two years– All “Held to Maturity” assets reclassified to “Available for Sale”
41 CAUBO Financial Reporting Seminar – Audit and Accounting Update - 2006 ©2006 Deloitte & Touche LLP and related entities.
Classification of Financial Liabilities
• Amortized cost
• E.g. accounts payable, notes payable, bonds payable…etc
Financial Liabilities
Held for Trading Other than Held for Trading
• Fair value
• Short-term profit making
• Active and frequent buying and selling
• Can irrevocably designate any financial liability as held for trading
• E.g. all derivatives
42 CAUBO Financial Reporting Seminar – Audit and Accounting Update - 2006 ©2006 Deloitte & Touche LLP and related entities.
Reclassification of Financial Liabilities
• NO reclassifications into or out of Held for Trading Liabilities
• Difference with US GAAP – in accordance with IAS
• Reclassifications may occur between Held for Trading financial assets and liabilities
43 CAUBO Financial Reporting Seminar – Audit and Accounting Update - 2006 ©2006 Deloitte & Touche LLP and related entities.
The New Financial Instruments Standards, Assets and Liabilities, Changes in Value
Under Section 3855, (subject to the requirements of Section 4410 “Contributions – Revenue Recognition”):
• Trading assets and liabilitiesAll gains and losses (realized and unrealized) included in current period
net investment income.
• Held-to-maturity assets, loans and receivables and non-trading liabilitiesAmortization of premium or discount in current period net investment
income; and losses on impairment of assets in current period net investment income.
• Available-for-sale assetsAmortization of premium or discount in current period net investment
income; andunrealized fair value gains and losses included directly in current period
changes in net assets, until the financial asset is derecognized/impaired.
44 CAUBO Financial Reporting Seminar – Audit and Accounting Update - 2006 ©2006 Deloitte & Touche LLP and related entities.
Impacts of New Standard
• Balance sheet and equity volatility as most investments will be at fair value
• Significant impact on accounting systems– Fair value calculation
– Keep a classification trail for all financials instruments
45 CAUBO Financial Reporting Seminar – Audit and Accounting Update - 2006 ©2006 Deloitte & Touche LLP and related entities.
Example Financial Statement Implications – Designate Investments as Available-for-sale
Pre 3855 Post 3855Current Assets (excerpt only) 20X2 20X2
Cash and term deposits 122,000$ 122,000$
Accounts receivable 20,000 20,000
Grants receivable 30,000 30,000
Prepaid expenses 10,000 10,000
182,000 182,000 Investments (market value 20X2 - $260,000; 20X1 - $115,000) 240,000 260,000
Capital assets (net) 617,000 617,000
1,039,000$ 1,059,000$ Statement of Changes in Net Assets (excerpt only)
Pre 3855 20X2 Total
Post 3855 20X2 Total
Balance, beginning of year 235,000$ 235,000$
Excess (deficiency) of revenues over expenses 17,000 17,000
Endowment contributions 50,000 50,000
N/A 20,000
Investment in capital assets - -
Internally imposed restriction - -
Balance, end of year 302,000$ 322,000$
Change in fair value of investments classified as available for sale
46 CAUBO Financial Reporting Seminar – Audit and Accounting Update - 2006 ©2006 Deloitte & Touche LLP and related entities.
Financial Derivative Non-Financial DerivativeOR
Value changes with underlying
variable
Requires little or no initial net investment+ Settled at future
date+
Definition of a Derivative
• A derivative is a financial instrument or other contract with three characteristics
47 CAUBO Financial Reporting Seminar – Audit and Accounting Update - 2006 ©2006 Deloitte & Touche LLP and related entities.
Embedded Derivatives
• Examples:
– Lease
– Debt instrument
– Insurance contract
– Equity instrument
– Investment
– etc.
• Clause that affects payoff profile:
– Inflationary increases
– Conversion option
– etc.
Non-derivative
host contract
Embedded derivative
Hybrid Contract
48 CAUBO Financial Reporting Seminar – Audit and Accounting Update - 2006 ©2006 Deloitte & Touche LLP and related entities.
Non-traditional Derivatives and Embedded Derivatives
• Need to review and inventory contracts
• Difficult to identify
• Look for unusual features in debt contracts, lease contracts, service contracts and other relationships
49 CAUBO Financial Reporting Seminar – Audit and Accounting Update - 2006 ©2006 Deloitte & Touche LLP and related entities.
What’s up with IFRS
50 CAUBO Financial Reporting Seminar – Audit and Accounting Update - 2006 ©2006 Deloitte & Touche LLP and related entities.
IFRS
•What is IFRS?
•Why change?
•Why IFRS instead of US GAAP?
•When is this going to happen?
•How does this affect NPOs?
51 CAUBO Financial Reporting Seminar – Audit and Accounting Update - 2006 ©2006 Deloitte & Touche LLP and related entities.
IFRS
•IFRS does not specifically address Not-for-profit organizations– sense that Canadian GAAP will retain NPO accounting– harmonization will therefore relate to sections of Handbook
outside 4400 applicable to NPOs
•Potential areas of difference– no choice of whether to record non-monetary transactions
(e.g. donated services and materials)– challenge in meeting definition of an asset when recording
pledges receivable– donated collections must be recorded and capitalized– consolidation is required if criteria are met (no choice)
•Handbook includes a CICA Comparison between IFRS and Canadian GAAP as at April 1, 2005
52 CAUBO Financial Reporting Seminar – Audit and Accounting Update - 2006 ©2006 Deloitte & Touche LLP and related entities.
IFRS
•What does it mean for me?
– Harmonization is coming
– S.1100 – increases relevance of IFRS as secondary source of GAAP when Cdn GAAP not clear
•Timing & education
53 CAUBO Financial Reporting Seminar – Audit and Accounting Update - 2006 ©2006 Deloitte & Touche LLP and related entities.
A Little Nomenclature….…………
• IFRS – “International Financial Reporting Standards”
• Comprised of:
– IFRS’s (1-7) – International Financial Reporting Standards
– IAS’s (1-41) – International Accounting Standards
– SICs – Standing Interpretation Committee
– IFRICs – International Financial Reporting Interpretations Committee
• In addition, ISA’s (International Standards on Auditing) exist and will affect Canada
54 CAUBO Financial Reporting Seminar – Audit and Accounting Update - 2006 ©2006 Deloitte & Touche LLP and related entities.
Questions?
55 CAUBO Financial Reporting Seminar – Audit and Accounting Update - 2006 ©2006 Deloitte & Touche LLP and related entities.
Any further questions please contact us
• Eric Girard egirard@deloitte.ca (613) 751-5344
• Eric Graham ergraham@deloitte.ca (613) 751-5416
• Christopher Wiegand cwiegand@deloitte.ca (514) 393-7343
56 CAUBO Financial Reporting Seminar – Audit and Accounting Update - 2006 ©2006 Deloitte & Touche LLP and related entities.
Deloitte, Canada's leading professional services firm, provides audit, tax, financial advisory services and consulting through more than 6,100 people in more than 47 offices. Deloitte & Touche LLP, operates in Québec as Samson Bélair/Deloitte & Touche s.e.n.c.r.l. The firm is dedicated to helping its clients and its people excel. Deloitte is the only professional services firm to be named to the Globe and Mail's Report on Business magazine annual ranking of Canada's top employers for two consecutive years: 35 Best Companies to Work for in Canada in 2001 and 50 Best Companies to Work for in Canada in 2002. "Deloitte" refers to Deloitte & Touche LLP and affiliated entities. Deloitte is the Canadian member firm of Deloitte Touche Tohmatsu. Deloitte Touche Tohmatsu is a Swiss Verein (association), and, as such, neither Deloitte Touche Tohmatsu nor any of its member firms has any liability for each other's acts or omissions. Each of the member firms is a separate and independent legal entity operating under the name "Deloitte", "Deloitte & Touche", "Deloitte Touche Tohmatsu" or other related names. The services described herein are provided by the Canadian member firm and not by the Deloitte Touche Tohmatsu Verein.
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