Audit Quality Indicators

To date, there has been limited information available to audit committees to measure and evaluate the quality of an audit.  In response, there has been increased international activity around the use of audit quality indicators (AQIs), which are quantitative measures about the audit process.

In 2016, CPAB launched an AQI Pilot project (Pilot) with six Canadian audit committees, their external auditors and management to get feedback about the usefulness of AQIs and to support the broader national and international discussions.  CPAB’s Pilot is exploratory in nature and meant to encourage innovation in the way audit committees approach the use of AQIs.  In particular, CPAB sought feedback on:

  • Whether AQIs provide additional transparency into the audit that is useful for the audit committee
  • How to best leverage AQIs
  • How AQIs can be integrated into regular audit committee discussions in an effective and efficient way for all parties in the audit process, including audit firms, management and audit committees

Our observations suggest to us that AQIs could have significant potential to positively impact audit quality.  We are continuing the AQI Pilot Project in 2017 and invite Canadian reporting issuers to participate.  We encourage audit committees, management and audit firms to continue to explore how AQIs can be integrated into their audit processes. 

For more information about CPAB’s AQI Pilot Project, please contact Lindsay Colley, Director at

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Participating Firms

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