Current and Emerging Issues

​CPAB participates in public policy issues affecting audit firms, investors, and reporting issuers through identifying and analysing current and emerging audit quality issues. This includes tracking current trends affecting audit firms and their audit clients, monitoring relevant academic research, and analyzing information derived from our inspections. Using this information, we engage stakeholders on issues critical to audit quality, and foster discussion and collaboration with individuals and organizations. Listed below are key current and emerging issues.

CPAB supports the need for more transparency with respect to auditor reporting. Auditors need to provide greater value by sharing more information related to the audit directly with financial statement users.

There has been significant international discussion about the merits of mandatory audit firm rotation and tendering in enhancing auditor independence, objectivity and professional skepticism. CPAB does not support mandatory firm rotation or tendering because we are concerned that either approach could result in a deterioration of audit quality.
CPAB has been monitoring the extent to which Canadian reporting issuers have operations in foreign jurisdictions.  Foreign operations present challenges to the performance of high-quality audits of financial statements. 

Starting in 2016, CPAB has been running an audit quality indicators (AQI) pilot project with interested audit committees and their external auditors and management. To date, there has been limited information available to measure and evaluate the quality of an audit and AQIs have been identified as a potential tool to help provide additional information and enhance the discussion of audit quality between stakeholders.
      
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PUBLICATION
2019 Toronto and Montreal Audit Committee Forum Highlights

​2019 Toronto and Montreal Audit Committee Forum Highlights. 

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Posted: 23/07/2019

PUBLICATION
Enhancing Audit Quality Through Data Analytics

​Enhancing Audit Quality Through Data Analytics. 

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Posted: 08/05/2019

PUBLICATION
Communications between auditors and audit committees

​Communications between auditors and audit committees. 

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Posted: 07/05/2019

PUBLICATION
The Comprehensive Review: What have we learned?

​The Comprehensive Review: What have we learned?

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Posted: 06/05/2019

REPORT
Auditing in the crypto-asset sector

​Auditing in the crypto-asset sector.

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Posted: 13/12/2018

PUBLICATION
Access to Foreign Jurisdictions (2017)

​Foreign Jurisdictions where CPAB is unable to access Working Papers.

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Posted: 02/05/2018

NEWS
2017-2018 Audit Quality Projects

2017-2018 Upcoming Audit Quality Projects.​

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Posted: 27/11/2017

NEWS
Monitoring Group Consultation Paper

Monitoring Group Consultation Paper.

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Posted: 09/11/2017

NEWS
Monitoring Group Consultation Call for Comments

Monitoring Group Consultation Call for Comments.

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Posted: 09/11/2017

PUBLICATION
Access to Foreign Jurisdictions (2016)

​Foreign Jurisdictions where CPAB is unable to access Working Papers.

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Posted: 28/11/2016

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
Supplemental CPAB Response on Auditor Reporting

​CPAB’s supplemental response to the Invitation to Comment on the Auditing and Assurance Standards Board (AASB)’s “Implementation considerations for New Auditor Reporting Standards”.

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Posted: 24/02/2016

NEWS
CPAB’s Response to the Exposure Draft on The Auditor’s Responsibility Relating to Other Information

​CPAB’s response to the Exposure Draft on the “The Auditor’s Responsibility Relating to Other Information: Canadian Amendments”.

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Posted: 24/02/2016

NEWS
CPAB’s Response to the Canadian AASB’s Invitation to Comment on Auditor Reporting
CPAB’s response to the Invitation to Comment on the Auditing and Assurance Standards Board (AASB)’s “Implementation considerations for New Auditor Reporting Standards”.
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Posted: 22/02/2016

PUBLICATION
Access to Foreign Jurisdictions (2015)

​Foreign Jurisdictions where CPAB is unable to access Working Papers.

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Posted: 02/12/2015

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

CPAB
CPAB Special Report 2015: Auditing in Foreign Jurisdictions

​CPAB special report on inspections of audits of companies with operations in foreign jurisdictions, general improvement noted.

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Posted: 31/03/2015

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