ACPSS Module A: Reporting and Disclosure
ACPSS Module A: Reporting and Disclosure
Reporting and Disclosure Module of the CICA's Accounting Committee Performance Support System
The Audit Committee Performance Support System (ACPSS) from the Canadian
Institute of Chartered Accountants is a detailed and comprehensive tool which can help Audit Committees in meeting the new requirements such as those in Multilateral Instrument 52-110, issued by the Canadian Securities Administrators, as well as improving the overall effectiveness and efficiency of their operations. The assessment questionnaires are based on the conceptual framework set out in CICA's leading publication, Integrity in the Spotlight: Opportunities for Audit Committees.
The GovernanceExcellence Module highlights the aspects of ACPSS more specifically focused on the important topic of Disclosure. This allows an organization to quickly assess its practices this framework of regulation and best practices and to then decide what more detailed analysis and assessment might be appropriate.
Factors assessed
- A1. Annual Financial Statements
- A1.1 Review of annual financial statements
- A1.2 Analysis of financial performance
- A1.3 Areas of concern
- A1.4 Review of Subsidiaries, Pension Plans, Joint Ventures, etc.
- A1.5 Management Representation Letter
- A1.6 Annual MD and A
- A2. Accounting Policies
- A2.1 Review of accounting policies
- A2.2 Changes in accounting policies
- A2.3 Changes in accounting standards
- A2.4 Benchmarking accounting policies
- A3. Interim financial/continuous disclosure
- A3.1 Review of Quarterly Financial Statements
- A3.2 Review of Quarterly MD and A
- A3.3 Review of News Releases and other disclosures
- A3.4 Review of Prospectus-Type Documents
- A3.5 Continuous disclosure
- A3.6 Clarity and Completeness of Disclosures
- A4. Performance reporting
- A4.1 Performance/value reporting strategy
- A4.2 Balanced scorecard or similar non-financial performance reporting
- A4.3 Value or value creation reporting