2011 Audit Quality Symposium, key stakeholders agreed it was important to develop a Canadian perspective on audit quality issues being debated internationally. The goal was to identify solutions to address audit quality concerns and add Canada's voice to the international discussion.
The 2011 symposium prompted CPAB and the Canadian Institute of Chartered Accountants (now the Chartered Professional Accountants of Canada) to launch the EAQ initiative in 2012.
A blue-chip steering group, chaired by David Brown, CM, QC (former Chair of the Ontario Securities Commission), was formed to exercise an overview function, coordinate the initiative, and make sure the process is transparent and serves the public interest. Working groups were also established to address three priority areas: the auditor reporting model; auditor independence and the role of audit committees. All three working groups have issued
consultation papers which have added significantly to the audit quality debate in Canada and internationally. A
final report was issued in May 2013.