Regulators and other policy makers in major capital markets are separately examining the lessons learned from the financial crisis to promote greater investor protection and strengthen confidence in the financial system. Those undertakings include the European Commission and European Union, the International Audit and Assurance Standards Board, and the U.S. Public Accounting Oversight Board. These bodies are separately considering a number of changes that could significantly affect the role and independence of auditors. While these items are not being specifically addressed in Canada at this time, it is likely that Canadian practices will be affected by developments that occur elsewhere. We have prepared the attached paper to help in discussions with clients and for inclusion in current audit committee reports.