Chair's Message

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CPAB is Canada’s audit regulator, protecting the investing public’s intere​sts. 
 
Our vision is to contribute to public confidence in the integrity of financial reporting of public companies in Canada. We do this through effective regulation and by promoting high-quality, independent auditing.

We inspect high-risk sections of audit files to evaluate whether the auditors have performed the audit in accordance with high-quality auditing standards. We als​o assess audit firms’ elements of quality control, including evaluating whether the firms’ leadership is continually emphasizing the importance of audit quality.
  
Our inspection report to each firm includes our findings and our top three to five recommendations to improve audit quality. If we believe an audit firm is not performing up to professional standards, and is therefore placing the public at risk, we can impose disciplinary measures,​​ up to and including prohibiting an audit firm from auditing public companies.
  
Our 2016-2018 Strategic Plan recognizes that, in addition to audit firms and CPAB, many stakeholders affect audit quality and the quality of financial reporting. In particular, audit committees and reporting issuers’ management play key roles. 

As we enhance our engagement with these stakeholders, and provide them with timely information on our findings, they will be better able to perform their roles. This, in turn, will help us fulfill our mandate to improve audit quality and protect investors, supporting the integrity of Canadian capital markets.

 
Nick Le Pan
Board Chair

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