Mission
The mission of CPAB is set out at section 3.1 of its Articles of Incorporation.
"CPAB's mission is to contribute to public confidence in the integrity of financial reporting of public companies in Canada by promoting high quality, independent auditing."
Mandates
The mandates to support the mission are:
- Membership Requirements - Establish and monitor membership requirements for firms that audit reporting issuers in Canada.
- Quality Inspections - Oversee the implementation and monitor the ongoing effectiveness of a program of practice inspection of firms that audit reporting issuers in Canada.
- Discipline - Develop and implement a program of disciplinary action against firms or individuals that CPAB determines did not perform audits in accordance with professional standards.
- Professional Standards - Monitor and support the continuing development of Canadian and International accounting, auditing and independence standards.
- Communications - Build CPAB's profile by informing participants in the Canadian and International Capital Markets of CPAB's role, activities, findings and opinions.
- Education & Awareness - Establish a program of ongoing discussions among regulators, the accounting profession, business and academia about:
- Best practices in the auditing of reporting issuers; and
- Current issues relating to the auditing profession particularly those affecting audit quality.
- International - Coordinate with international counterparts:
- The inspection of Canadian auditing firms that audit public companies that are registered in jurisdictions other than Canada.
- The inspection of audit firms based outside of Canada that audit all or part of a Canadian reporting issuer.