The audit oversight board has released a proposed registration process for auditors of reporting issuers.

The draft is available on its new website for a 60-day comment period at www.cpab-ccrc.ca. Gordon Thiessen, the Chair of CPAB, is encouraging audit firms and other interested parties to submit comment.

The new rule proposed by the Canadian Securities Administrators (CSA) on June 27, 2003 (Multilateral Instrument 52-108, Auditor Oversight) will require auditors of reporting issuers to be participants in good standing with the CPAB when they issue an auditor's report with respect to their clients' financial statements. The CSA rule is expected to take effect in the new year. The two-step registration process proposed by the CPAB requires firms to file a notice of their intent to participate by December 31 and to complete their registration by February 29, 2004.