Audit Committees

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Audit committees can—and should—be key contributors to audit quality. Effective audit committees and auditors build confidence in the integrity of financial reporting.

The audit committee plays a critical role in creating the right environment for quality auditing. It is the audit committee's responsibility to create an environment that accommodates an open discussion in a culture of integrity, respect and transparency between management and auditors.

Audit committees are responsible for overseeing the work of the auditors. Among other things, they need to understand the audit strategy, be satisfied that it addresses the major audit risks, and make sure the auditors exercise appropriate professional skepticism. They also need to ensure that the auditor has an appropriately independent mindset from management and is truly objective. Ultimately, this will enable the audit committee to draw conclusions about the effectiveness of the audit.​

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REPORT
Audit Quality Indicators - Final Report

​Audit Quality Indicators - Final Report.

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Posted: 27/06/2018
Posted: 27/06/2018 12:00:00 AM

REPORT
2017 Annual Inspections Report

​2017 Annual Inspections Report.

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Posted: 27/03/2018
Posted: 27/03/2018 12:00:00 AM

CPAB
2017 Annual Report

​​​​CPAB releases 2017 Annual Report.

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Posted: 27/03/2018
Posted: 27/03/2018 12:00:00 AM

NEWS
2017 Financial Institutions Forum Highlights

​2017 Financial Institutions Forum Highlights.

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Posted: 25/03/2018
Posted: 25/03/2018 12:00:00 AM

NEWS
CPAB Board of Directors Introduces Carol Paradine as New Chief Executive Officer

CPAB Board of Directors Introduces Carol Paradine as New Chief Executive Officer. ​

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Posted: 30/01/2018
Posted: 30/01/2018 12:00:00 AM

REPORT
CPAB 2017 Big Four Public Report

​CPAB releases 2017 Big Four firm public inspections report.

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Posted: 27/11/2017
Posted: 27/11/2017 12:00:00 AM

NEWS
2017-2018 Audit Quality Projects

2017-2018 Upcoming Audit Quality Projects.​

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Posted: 27/11/2017
Posted: 27/11/2017 12:00:00 AM

PUBLICATION
2017 Oil & Gas Industry Forum Highlights

​2017 Oil & Gas Industry Forum Highlights.

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Posted: 26/11/2017
Posted: 26/11/2017 12:00:00 AM

PUBLICATION
2017 Real Estate Industry Forum Highlights

​2017 Real Estate Industry Forum Highlights.

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Posted: 26/11/2017
Posted: 26/11/2017 12:00:00 AM

PUBLICATION
2017 Mining Industry Forum Highlights

​2017 Mining Industry Forum Highlights.

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Posted: 26/11/2017
Posted: 26/11/2017 12:00:00 AM

PUBLICATION
2017 Audit Quality Symposium Key Messages

2017 Audit Quality Symposium Key Messages​.

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Posted: 27/07/2017
Posted: 27/07/2017 12:00:00 AM

CPAB
CPAB 2016 Annual Report

​​​CPAB releases 2016 Annual Report.

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Posted: 31/03/2017
Posted: 31/03/2017 12:00:00 AM

NEWS
CPAB 2016 Annual Inspections Report

​​CPAB releases 2016 Annual Inspections Report.

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Posted: 29/03/2017
Posted: 29/03/2017 12:00:00 AM

NEWS
CPAB Industry Forum Highlights – Financial Institutions

​CPAB held its first Financial Institutions Industry Forum on January 20, 2017 for audit committee chairs serving the boards of banks and insurance companies in Canada.

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Posted: 21/03/2017
Posted: 21/03/2017 12:00:00 AM

REPORT
CPAB 2016 Big Four Public Report

​CPAB releases 2016 Big Four firm public inspections report.

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Posted: 28/11/2016
Posted: 28/11/2016 12:00:00 AM

REPORT
CPAB 2016 Big Four Public Report: Highlights for Audit Committees

​CPAB 2016 Big Four Public Report: Highlights for Audit Committees.

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Posted: 28/11/2016
Posted: 28/11/2016 12:00:00 AM

NEWS
CPAB Protocol Feedback Survey results

​A summary of the results of the 2016 CPAB Protocol Feedback Survey.

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Posted: 22/11/2016
Posted: 22/11/2016 12:00:00 AM

NEWS
Industry Insights – Oil & Gas

​Part of CPAB’s Industry Insight series for audit committees, an overview of common areas of focus for an audit of a company operating in the oil & gas industry.

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Posted: 11/11/2016
Posted: 11/11/2016 12:00:00 AM

NEWS
CPAB Oil & Gas Industry Forum Highlights

​CPAB held its first Oil & Gas Industry Forum for audit committee chairs serving on the boards of publicly traded oil and gas companies in Canada.

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Posted: 11/11/2016
Posted: 11/11/2016 12:00:00 AM

REPORT
CPAB 2015 Annual Inspections Report

​CPAB releases 2015 Annual Inspections Report.

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Posted: 31/03/2016
Posted: 31/03/2016 12:00:00 AM

REPORT
CPAB 2015 Annual Inspections Report: Highlights for Audit Committees

​CPAB releases 2015 inspections report highlights for audit committees.

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Posted: 31/03/2016
Posted: 31/03/2016 12:00:00 AM

CPAB
CPAB 2015 Annual Report

​​CPAB releases 2015 Annual Report.

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Posted: 31/03/2016
Posted: 31/03/2016 12:00:00 AM

PUBLICATION
Audit Committee Oversight of IT Risk

​Audit committee concerns related to IT risks and the role the external auditor and others could play in assisting the audit committee.

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Posted: 31/03/2016
Posted: 31/03/2016 12:00:00 AM

PUBLICATION
Transparency into the Audit – Enhanced Auditor Reporting and Audit Committee Reporting

​A discussion about two initiatives increasing transparency into the audit process -  Enhanced Auditor Reporting and Audit Committee Reporting.

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Posted: 31/03/2016
Posted: 31/03/2016 12:00:00 AM

PUBLICATION
Transparency into the Audit – Audit Quality Indicators and Transparency Reporting

​A discussion about two initiatives increasing transparency into the audit process - Audit Quality Indicators and Transparency Reporting.

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Posted: 31/03/2016
Posted: 31/03/2016 12:00:00 AM

NEWS
2015 Stakeholder Survey

​CPAB’s 2015 Stakeholder Survey Summary of Results.

Posted: 04/12/2015
Posted: 04/12/2015 12:00:00 AM

REPORT
CPAB 2015 Big Four Public Report

​CPAB releases 2015 Big Four firm public inspections report.

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Posted: 30/11/2015
Posted: 30/11/2015 12:00:00 AM

REPORT
CPAB 2015 Big Four Public Report: Highlights for Audit Committees

​CPAB 2015 Big Four Public Report: Highlights for Audit Committees.

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Posted: 30/11/2015
Posted: 30/11/2015 12:00:00 AM

NEWS
Industry Insights - Mining

​Part of CPAB’s Industry Insight series for audit committees, an overview of common areas of focus for an audit of a company operating in the mining industry.

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Posted: 27/11/2015
Posted: 27/11/2015 12:00:00 AM

NEWS
Industry Insights - Banking

​Part of CPAB’s Industry Insight series for audit committees, an overview of common areas of focus for an audit of a company operating in the banking industry.

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Posted: 11/11/2015
Posted: 11/11/2015 12:00:00 AM

NEWS
Thoughts on the Future of External Auditing by James Goodfellow FCPA

​Audit regulators and the profession continue to enhance the reliability of statutory auditing. But is external auditing losing its relevance?

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Posted: 15/07/2015
Posted: 15/07/2015 12:00:00 AM

NEWS
IFIAR examines current trends in the audit industry

​This paper considers current trends in six key areas, with a particular focus in some areas on the global Big Four network firms.

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Posted: 15/07/2015
Posted: 15/07/2015 12:00:00 AM

PUBLICATION
Comprehensive Review of the Auditor – What Audit Committees are Saying

​CPAB speaks with audit committee chairs about observations and lessons learned on performing or planning to perform a comprehensive review.

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Posted: 02/04/2015
Posted: 02/04/2015 12:00:00 AM

PUBLICATION
Industry Insights - Retail

​Part of CPAB’s Industry Insight series for audit committees, an overview of common areas of focus for an audit of a company operating in the retail industry.

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Posted: 02/04/2015
Posted: 02/04/2015 12:00:00 AM

PUBLICATION
2014 Audit Quality Symposium Voting Results

​See how the 2014 Audit Quality Symposium participants voted on key questions relating to audit quality.

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Posted: 20/02/2015
Posted: 20/02/2015 12:00:00 AM

NEWS
From Compliance to Governance : Evolution of the Audit Committee

ICD Director Journal article explores the journey of audit committees from compliance to governance.

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Posted: 28/01/2015
Posted: 28/01/2015 12:00:00 AM

PUBLICATION
Top 10 Questions Audit Committees Should Ask Their Auditors
If you sit on an audit committee, here are CPAB's top 10 questions you should ask your auditor in connection with your 2013 audit.
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Posted: 15/04/2013
Posted: 15/04/2013 12:00:00 AM
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