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Why Should You Comply With NI 52-109?
The CSA set up NI 52-109 for investors, but it will prove to be a benefit to your company if your compliance process is created correctly and is properly maintained.
The main reason to comply with NI 52-109 is that it makes good business sense. Corralling all of your far-flung processes and controls related to your company’s finances in one place allows your audit committee; senior management and board make accurate and better decisions faster.
Compliance will also provide you with insight into risk areas that you may have never been aware of. A classic example is of a CFO looking at a “swim lane” flowchart notices all decisions regarding a process are made within one functional area or even by one individual. This process is at high risk of fraud and should either be changed or have revised controls created to reduce risk.
Employees of NI 52-109 compliant companies will also notice greater standardization and rationalization of internal processes. This in turn, should lead to a more intuitive set of processes within your company that will allow for minimal resource drain in your day-to-day business.
Lastly, it is the responsibility of all publicly traded companies to provide the investing community with an accurate and timely snapshot of your company's current financial position.
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