Review of Requirements for the Registration and Regulation of



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Level of Indebtedness


  • The level of indebtedness by an auditor to a client (as referred to in paragraphs 324(1)(e) and (2)(f) of the Law) should be increased from $5,000 to $10,000 or such other amount as may be prescribed by regulation, subject to recommendation 7.6. Recommendation 7.4.

  • A prohibition should be placed on the indebtedness of a company to its auditor, with the exception of professional fees and amounts up to a maximum of $100,000 deposited with a financial institution or life insurance company by a natural person on normal commercial terms and in the ordinary course of business of the financial institution or life insurance company, subject to recommendation 7.6. Recommendation 7.5.

  • The monetary indebtedness prohibitions should only apply to partners of a firm of auditors who are directly engaged on the audit assignment and relatives of such partners. Recommendation 7.6.

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