CSOX, also known as "Bill 198" or "the Budget Measures Act" is Canada's response to the U.S. Sarbanes-Oxley Act of 2002.

Sarbanes-Oxley introduced sweeping changes to the corporate governance and disclosure obligations of publicly traded companies on U.S. markets. The need to maintain compatibility and competitiveness with the United States has forced Canadian regulators to adopt similar provisions.

While the changes that have been adopted in Canada largely emulate the Sarbanes-Oxley Act of 2002 and related rules, the Canadian response has been shaped by the significant structural and philosophical differences between the two countries’ financial markets. Taking a more measured approach to implementation has also allowed Canadian regulators to learn from, and build upon, U.S. experiences.

In Canada, most new rules and regulations arising from the reforms came into force in mid-2005, with the remainder to be phased in over the following few years. A key item of Bill 198 is the creation of the Canadian Public Accountability Board (CPAB).

The CPAB's mission is to contribute to public confidence in the integrity of financial reporting of reporting issuers by promoting high quality, independent auditing. It is responsible for implementing an oversight program that includes regular and rigorous inspections of the auditors of Canada's public companies.

Sources: (see below)

Library of Parliament at: http://www.parl.gc.ca/information/library/PRBpubs/prb0537-e.htm

Or,

The CPAB at: http://www.cpab-ccrc.ca/