"CPAB exists to benefit investors and Canadians in general, by promoting high quality, independent auditing in order to contribute to public confidence in the integrity of financial reporting of reporting issuers in Canada. The essence of our work initially involves assessing the fundamentals and policies of auditing firms who are participants in our oversight program. This starts with evaluating whether management is setting an appropriate ‘tone at the top’ by continually sending the message throughout the firm that the quality of the audits being performed is paramount. The main thrust of our work involves reviewing selected individual audit files to evaluate whether the audits reviewed are being performed by independent auditors in accordance with high quality auditing standards. Appropriate remedial measures are put in place should we find deficiencies in the standard of the audit work. As a result of these efforts, we have seen improvements in the quality of audits since CPAB was formed. Other audit oversight bodies throughout the world have also contributed to the increased emphasis on audit quality. We have played an active role in the International Forum of Independent Audit Regulators with CPAB being a founding member. We believe that there is room for ongoing improvement in the quality of auditing. We remain committed to our mission by continually enhancing the quality, consistency and effectiveness of our own work on behalf of all of our stakeholders.”
Nicholas Le Pan, Chairman