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Canadian Public Accountability Board
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Strategic Plan Highlights
CPAB has now completed the first quarter of the first year of our 2019-21 strategic plan. Overall, we’ve had a productive three months and I thank our team of dedicated professionals for their contributions.
In reviewing each of our Key Performance Indicators, I’d like to highlight certain activities related to our four strategic commitments. First, in terms of proactivity and regulatory effectiveness, we have been actively developing and building our team to ensure we have the skills mix needed in this evolving regulatory environment. Our thought leadership publication on CPAB’s expectations of firms auditing in the crypto space has attracted significant attention, and we will be publishing a piece on audit analytics shortly.
With respect to driving systemic change to elevate audit quality, we kicked off our annual inspections cycle, including year two of assessing quality management systems at the four largest firms in Canada. We also increased our focus on outreach to audit committee chairs as they play such a key role in raising the quality of Canadian public company audits. Engagement with other key stakeholders, including investors, is providing us with valuable insights into the varied expectations of auditors.
As we focus on the future of the audit, we are looking forward to the first
Canadian Audit Quality Roundtable: Strengthening Public Confidence in Financial Reporting
. CPAB will cohost this signature event with the Office of the Superintendent of Financial Institutions (OSFI) in Toronto this fall. CEOs and senior partners of Canada’s largest public company accounting firms, standard setters and senior financial sector regulators will explore enhancements in audit quality to strengthen public confidence in financial reporting. Key topics will include identifying vulnerable industries, new auditor reporting, growing use of technology, fraud, going concern, independence and ethics.
In terms of impacting the future audit, we began thematic reviews related to the implementation of IFRS 9 on loan loss provisions, fraud, and going concern and will publish our perspectives by the end of the year.
Our fourth strategic commitment is influencing global audit consistency. CPAB contributions to the International Forum of Independent Audit Regulators (IFIAR) continued in earnest this quarter with former CPAB CEO Brian Hunt at the helm. Brian, who completed his two-year term as Chair May 2, 2019, was instrumental in establishing the organization’s first board, three-year strategic plan and driving significant changes in international auditing - we thank him for his outstanding contribution. CPAB was also an active participant in the IFIAR plenary meeting in early May. Key discussions focused on sharing inspections findings with audit committees, data analytics, and investor expectations.
I’m looking forward to continuing our strategic journey this summer and fall as we address a number of topics critical to audit quality, and ultimately the protection of the investing public.
Carol Paradine, CPA, CA
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The Canadian Public Accountability Board
CPAB is Canada’s recognized source of timely reporting on auditor oversight and audit quality. We contribute to thought leadership on enhancing audit quality through resources, insights, tools, research, outreach and communication. We also act as a catalyst for dialogue and engagement among key stakeholders on audit quality issues, domestically and globally.
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