Audit committees play an important role in the transition to International Financial Reporting Standards (IFRS). National Instrument 52-110, Audit Committees, requires audit committees to review the issuer’s interim financial statements, related MD&A and interim earnings press releases before the information is made publicly available. For an issuer filing its first IFRS interim financial report, this report will contain the expanded disclosure required by IFRS 1 and securities law. In many organizations, the board looks to the audit committee for insight into the soundness of the entity’s transition strategy and to monitor and review its progress. In addition, the audit committee can be an important sounding board for management. The Board/Audit Committee webpage on the CICA’s IFRS website provides a number of helpful resources.
