In accordance with CPAB's mission we have developed a program of quality inspections which covers all firms who audit reporting issuers who issue securities to the public in Canada and are subject to the rules of provincial or territorial securities commissions.
Registered firms who audit reporting issuers are subject to inspection by CPAB.Our current practice inspection program selects firms for inspection on a cycle ranging from one to three years according to certain criteria. Annualy CPAB monitors the ongoing effectiveness of its practice inspection program and publishes a report highlighting inspection findings from the current year as well as trends relating to audit quality.
As part of our inspection process CPAB has the right to take a disciplinary action against firms or individuals that CPAB has determined did not perform audits in accordance with professional standards.