Toronto (Dec. 8, 2003)-- Over half of chief executives and chief financial officers in Canada support the need for a single global accounting standard, but many remain divided over the need to implement Sarbanes-Oxley-like reforms in that country.
In a survey conducted among more than 130 CEOs and CFOs by Costa Mesa, Calif.-based services firm Resources Connection and CAmagazine, the publication of the Canadian Institute of Chartered Accountants found that 58 percent of the respondents agreed on the need for a single set of global accounting standards based on the Sarbanes-Oxley Act.
Broken out, approximately 50 percent of executives of Canada-only listed companies view one global corporate governance standard favorably, while more than 65 percent of companies inter-listed on both the Canadian and the U.S exchanges also supported the measure.
The survey followed the release of new corporate governance regulations by Canada's main securities regulators intended to mirror the guidelines of Sarbanes-Oxley.
But many participating in the poll view the implementation of more stringent regulations as a cost-intensive process with about 50 percent indicating that the costs of implementation outweigh the benefits, and just 39 percent agreeing that the costs justify the benefits.
Those C-level executives in the survey were confident that their auditors can provide the proper controls that enable them to offer multiple services, with more than 85 percent of respondents stating that their auditors would continue to provide non-audit services.
- WebCPA staff
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