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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CPAB
CPAB 2016 Annual Report

​​​CPAB releases 2016 Annual Report.

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Posted: 31/03/2017

NEWS
CPAB 2016 Annual Inspections Report

​​CPAB releases 2016 Annual Inspections Report.

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Posted: 29/03/2017

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

CPAB
2016 Audit Quality Indicators Pilot Project – Interim Report

This report outlines our current findings regarding AQIs based on observations of participants in CPAB’s 2016 AQI Pilot Project.  A summary is also available.

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Posted: 23/02/2017

CPAB
2016 Audit Quality Indicators Pilot Project – Summary Interim Report

​This summary highlights observations of participants in CPAB’s 2016 AQI Pilot Project. The full report is also available.

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Posted: 23/02/2017

REPORT
CPAB 2016 Big Four Public Report

​CPAB releases 2016 Big Four firm public inspections report.

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Posted: 28/11/2016

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

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

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

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

REPORT
CPAB 2015 Annual Inspections Report

​CPAB releases 2015 Annual Inspections Report.

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Posted: 31/03/2016

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

CPAB
CPAB 2015 Annual Report

​​CPAB releases 2015 Annual Report.

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Posted: 31/03/2016

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

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

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

NEWS
2015 Stakeholder Survey

​CPAB’s 2015 Stakeholder Survey Summary of Results.

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Posted: 04/12/2015

REPORT
CPAB 2015 Big Four Public Report

​CPAB releases 2015 Big Four firm public inspections report.

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Posted: 30/11/2015

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

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

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

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

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

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

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

CPAB
CPAB 2014 Annual Report

​CPAB releases 2014 Annual Report.

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Posted: 31/03/2015

CPAB
CPAB 2014 all firm inspections report

​CPAB releases 2014 all firm inspections report; overall results positive.

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Posted: 31/03/2015

CPAB
CPAB 2014 inspections report: Highlights for Audit Committees

CPAB has produced a summary to its 2014 all firm inspections report called Highlights For Audit Committees with content of particular interest to audit committee members. 

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Posted: 31/03/2015

PUBLICATION
2014 Audit Quality Symposium Summary

​2014 Audit Quality Symposium Summary.

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Posted: 20/02/2015

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

PUBLICATION
2014 Audit Quality Symposium Pre-Reads

​2014 Audit Quality Symposium Pre-Reads.

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Posted: 20/02/2015

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

NEWS
CPAB 2014 Public Report: Big Four Firm Inspections

​CPAB releases 2014 Big Four Public Report, audit quality improving.

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Posted: 25/11/2014

NEWS
CPAB 2014 Public Report: Big Four Firm Inspections - Highlights for Audit Committees

​CPAB Public Report on 2014 Inspections of the Quality of Audits Across Canada’s Big Four Accounting Firms: Highlights.

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Posted: 25/11/2014

CPAB
Audit Committee Oversight of Foreign Operations

​Critical information for assessing and responding to risk in foreign operations.

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Posted: 21/11/2014

CPAB
CPAB Exchange: Audit Quality Indicators

​Join the conversation about audit quality matters and  key activities to enhance audit quality.

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Posted: 21/11/2014

PUBLICATION
CPAB weighs in on KPMG audit quality panel

​CPAB weighs in on KPMG audit quality panel – ongoing challenges in a shifting global regulatory landscape.

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Posted: 22/08/2014

NEWS
CPAB/Veritas 2014 Dialogue with Investors

​CPAB teamed up with Veritas Investment Research to discuss the state of auditing in Canada and financial reporting risks.

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Posted: 09/07/2014

NEWS
ICD, CPAB, CPA Canada directors webinar featuring guidance, audit committee tools and CPAB Protocol

This webinar reviews the guidance, tools and Protocol for audit committee oversight activities, emphasizing the director perspective, what this means for audit committees and their communications with auditors.

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Posted: 26/06/2014

NEWS
CPAB Exchange: Building Sustainable Audit Quality

​This publication outlines four key areas CPAB believes audit firms need to focus on to improve audit quality in a sustainable manner.

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Posted: 25/06/2014

NEWS
CPAB, CPA Canada and ICD weigh in on European audit reform

​CPAB, CPA Canada and ICD weigh in on European audit reform

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Posted: 16/05/2014

NEWS
CPAB/CPA Canada webinar on tools and Protocol for audit firms

​CPAB and CPA co-host webinar on guidance, tools and communications Protocol – and what it all means for auditors and their communications with the audit committee

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Posted: 13/05/2014

REPORT
2013 Public Report
CPAB’s 2013 Public Report finds audit quality improved, but sustainability is needed. Learn more…
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Posted: 31/03/2014

NEWS
CPAB Exchange: Minimum Term Limits
CPAB recommends that audit committees consider the merits of minimum auditor term limits
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Posted: 31/03/2014

REPORT
CPAB Exchange: The Two Envelope Approach
CPAB recommends audit committees adopt the Two Envelope Approach to reviewing proposals
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Posted: 31/03/2014

CPAB
2013 Annual Report

​2013 Annual Report

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Posted: 31/03/2014

NEWS
Protocol for Audit Firm Communication of CPAB Inspection Findings with Audit Committees
CPAB’s Protocol for Audit Firm Communication of CPAB Inspection Findings with Audit Committees is now final and is effective
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Posted: 27/03/2014

NEWS
Protocol for Audit Firm Communication of CPAB Inspection Findings with Audit Committees
Learn more about CPAB’s Protocol for Audit Firm Communication of CPAB Inspection Findings with Audit Committees
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Posted: 04/02/2014

NEWS
Protocol for Audit Firm Communication of CPAB Inspection Findings with Audit Committees
CPAB is currently requesting comments on the draft Protocol for Audit Firm Communication of CPAB Inspection Findings with Audit Committees
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Posted: 18/12/2013

PUBLICATION
Audit Committee Newsletter - May 2013
CPAB’s May 2013 Focus on Audit Committees newsletter includes articles on our 2012 inspection results, the inspection process, and the role of the audit committee.
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Posted: 31/05/2013

REPORT
EAQ Initiative: Enhancing Audit Quality: Conclusions and Recommendations
EAQ Initiative: Enhancing Audit Quality: Conclusions and Recommendations
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Posted: 30/05/2013

REPORT
EAQ Role of the Audit Committee Report
To facilitate the performance of the annual assessment and the mandatory comprehensive review of the external auditor, the EAQ Role of the Audit Committee Working Group recommends ...
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Posted: 29/05/2013

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

REPORT
2012 Public Report
Canadian audit firms must commit to continuous improvement at all levels of their organizations to consistently execute high-quality audits, CPAB says in its 2012 public report.
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Posted: 31/03/2013

CPAB
2012 Annual Report
2012 Annual Report
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Posted: 31/03/2013

PUBLICATION
2012 Audit Quality Symposium Summary
Key issues include the importance of identifying Canadian perspectives to address audit quality concerns; the importance of enhancing auditors’ professional skepticism and audit firm culture to improve audit quality
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Posted: 15/01/2013

REPORT
2011 Public Report
The Canadian Public Accountability Board's 2011 Public Report
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Posted: 31/03/2012

CPAB
2011 Annual Report
2011 Annual Report
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Posted: 31/03/2012

REPORT
CPAB’s Auditing in Foreign Jurisdictions Special Report (2012)
CPAB’s Auditing in Foreign Jurisdictions Special Report (2012)
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Posted: 21/02/2012

REPORT
2010 Public Report
2010 Public Report
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Posted: 31/03/2011

CPAB
2010 Annual Report
2010 Annual Report
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Posted: 31/03/2011

REPORT
2009 Public Report
The Canadian Public Accountability Board's 2009 Public Report
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Posted: 31/03/2010

CPAB
2009 Annual Report
2009 Annual Report
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Posted: 31/03/2010

REPORT
2008 Public Report
The Canadian Public Accountability Board's 2008 Public Report
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Posted: 31/03/2009

CPAB
2008 Annual Report
2008 Annual Report
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Posted: 31/03/2009
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