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What are the audit requirements for public companies in Canada? Start with the clock. A reporting issuer with a December 31 year end must file audited annual financial statements by March 31 if it isn’t a venture issuer, or by April 30 if it is. Those are the 90 and 120 days after year end that National Instrument 51-102 sets, and the audit behind the statements has to meet a few other rules as well.
Which rules shape the audit of a public company?
There’s no single law. Securities regulators in each province adopt national instruments, and the table lists the ones that matter most for an audit.
| Instrument | What it requires |
|---|---|
| NI 51-102 | Audited annual statements filed within 90 days of year end, or 120 days for a venture issuer |
| NI 52-107 | Accepted accounting principles and auditing standards, and the reporting currency |
| NI 52-108 | The auditor’s report must come from a firm in the CPAB oversight program |
| NI 52-110 | Audit committee rules, including size and independence |
Treat it as a starting point, not a legal opinion. Company law, stock exchange rules and the issuer’s own articles can add duties, and we didn’t confirm those, so ask your lawyer or your exchange.
A word on “venture issuer”, since so much hangs on it. In broad terms it’s the smaller company whose shares trade on a venture market rather than a senior exchange. The exact definition lives in the instruments, so read it there before you assume you qualify for the longer deadline or the lighter committee rules.
Which accounting and auditing standards apply?
NI 52-107 says which accounting principles an issuer can use in the statements it files. IFRS and Canadian GAAP are accepted, and so is U.S. GAAP in some cases. Audit reports are generally prepared under Canadian generally accepted auditing standards. Investment funds sit outside the instrument and follow their own rules.
An audit is more than a check of the arithmetic. Auditors test internal controls, verify records and judge whether the statements follow the chosen framework. The report that comes out gives an opinion, and investors read that opinion before they trust the results.
Who can sign the audit report?
Under NI 52-108, if an issuer files statements with an audit report, a public accounting firm has to sign it, and that firm must take part in the Canadian Public Accountability Board oversight program. It must also follow any restrictions or sanctions CPAB has put on it. If you’re the one appointing the auditor, ask for proof of CPAB participation and look up the firm’s status on the board’s website. It takes ten minutes and it’s a lot cheaper than refiling.
How big must the audit committee be?
An audit committee oversees the accounting, the financial reporting process and the audits. If the issuer isn’t a venture issuer, it needs at least three members, and each one must be a director. They must be independent under sections 1.4 and 1.5 of NI 52-110. Venture issuers are exempt from the composition and reporting parts, but a majority of their committee still can’t be executive officers, employees or control persons.
Corporate law points the same way for federally incorporated companies. Section 171 of the Canada Business Corporations Act says an audit committee shall review the financial statements before the directors approve them, and the auditor is entitled to notice of every committee meeting.
What does the calendar look like for one year?
Say you run a company that closes its books on December 31, 2026 and isn’t a venture issuer. Your filing date is March 31, 2027, which is exactly 90 days later in a year with 28 days in February. A venture issuer with the same year end has until April 30, 2027. Work back from that date and the audit team usually needs the committee’s review a few weeks earlier, which squeezes year end close, audit fieldwork and board approval into one quarter.
Profit numbers feed tax too. The corporate tax calculator shows how taxable income becomes tax owing, and the profit margin calculator and ROI calculator are handy for checking the ratios that show up in management’s discussion. Think of them as a ballpark, not a substitute for the audited numbers.
Where do issuers slip up?
- Mixing up the two deadlines. Venture status decides if you get 90 or 120 days.
- Choosing an auditor without checking CPAB participation.
- Forming a committee with fewer than three directors, or with members who aren’t independent, when the issuer isn’t a venture issuer.
- Treating an exemption as automatic. The exemptions in NI 52-107 apply only to certain categories of issuer.
- Leaving tax provisions to the end. Payroll and dividend obligations affect year end too, and the payroll remittance calculator and dividend tax calculator help with estimates.
Where this information comes from
The filing deadlines, audit committee rules, auditor oversight rule and accounting standards come from Ontario Securities Commission and Canadian Public Accountability Board pages that publish the national instruments, which we read in September 2026. The CBCA point comes from the Act itself, linked above. We counted the dates in the calendar from those rules. This site has no link with any regulator or government body.
Frequently asked questions
When must a public company file audited annual statements?
Within 90 days of year end, or 120 days for a venture issuer, under NI 51-102.
Who can sign the audit report of a reporting issuer?
A public accounting firm that takes part in the CPAB oversight program and follows any CPAB restrictions.
How many people must sit on the audit committee?
At least three directors, all independent, when the issuer isn't a venture issuer.
Do venture issuers need the same audit committee?
No, they're exempt from the composition and reporting parts. A majority of members still can't be executives, employees or control persons.
Which accounting standards can an issuer use?
IFRS, Canadian GAAP and, in some cases, U.S. GAAP, under NI 52-107.
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