Notice of Commission Approval – Amendments Respecting Audit Requirement to Send Second Positive Confirmation Requests – Investment Industry Regulatory Organization of Canada (IIROC)

Market Regulation Document Type
IIROC rule review

The Ontario Securities Commission has approved IIROC’s proposed amendments to Dealer Member Rule 300.2(a)(vii). The amendments provide independent auditors an option to send second positive confirmation requests, rather than it being a requirement, and require that the independent auditors use appropriate alternative verification procedures to obtain relevant and reliable audit evidence where second positive confirmation requests are not sent.

The proposed amendments were published for comment on February 25, 2016. No public comments were received. No changes to the proposed amendments, as set out in Notice 16-0038, were made.

The amendments will be effective on November 17, 2016. A copy of the IIROC Notice including the amendments can be found at

In addition, the Alberta Securities Commission, the Autorité des marchés financiers, the British Columbia Securities Commission, the Financial and Consumer Affairs Authority of Saskatchewan, the Financial and Consumer Services Commission of New Brunswick, the Manitoba Securities Commission, the Nova Scotia Securities Commission, the Office of the Superintendent of Securities, Service Newfoundland and Labrador, and the Prince Edward Island Office of the Superintendent of Securities Office have approved or not objected to the amendments.