The Financial Services Regulatory Authority of Ontario (FSRA) has released proposed guidance that speaks to its expectations for mortgage administrators when complying with their financial reporting requirements. Mortgage administrators are already required to have a licensed public accountant independently review their financial statements and operations on an annual basis, and to file the financial statements and findings with FSRA. The proposed guidance explains a variety of concepts in connection with this obligation, including the appropriate form and content of the auditor reports and permitted licensed public accountants. The guidance would also note that FSRA expects the auditors to be familiar with the applicable requirements for mortgage administrators under the law in relation to their reports. The consultation closes on June 16, 2023.
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