We have two classes of members: the Council of Governors and the Provincial Audit Regulator Members.
The Council of Governors carries out an annual high-level assessment of CPAB against its mandate, pursuant to the provisions of the Canadian Public Accountability Board Act (Ontario). This assessment is provided to the Ontario Securities Commission and is also provided to the Securities Commissions in British Columbia, Manitoba, Saskatchewan and New Brunswick as a condition of CPAB’s recognition by those provinces as an auditor oversight organization.
Read the most recent Certificate attesting to this assessment provided to the Securities Commissions.
The Council also has the power to appoint and remove the Chair, Vice Chair and members of CPAB’s Board. The six-member Council of Governors includes:
The Provincial Audit Regulator Members’ (PARM) principal responsibility is the appointment of CPAB’s external auditor. PARM membership is available to provincial audit regulators who oversee audit firms whose aggregate Canadian audit fee revenue from reporting issuers in the province is at least $7 million and whose disciplinary processes and Codes of Ethics meet standards established by CPAB’s Board of Directors.
Read a more detailed summary of the PARM’s responsibilities in our
Statement of Accountability and Governance Practices.
The Board has nine directors, all appointed by the Council of Governors. At least four of the directors, but no more than five, must be professional accountants to ensure the Board has directors with accounting expertise. At least two directors must have regulatory experience or regulatory/audit oversight experience. Although CPAB’s By-laws specify that directors are reappointed annually by the Council of Governors, CPAB has a policy that individual directors are appointed for a term of up to three years, and are eligible for reappointment, provided their total tenure does not exceed nine years (unless CPAB has recommended the extension of the appointment, limited to one, one-year term).