Insights

Advancing quality as business and the audit evolve will require heightened vigilance and thoughtful responsiveness to emerging issues, technologies and industries, and the investing public’s expectations regarding the scope and value of the audit. CPAB is examining several critical audit quality matters concerning the future of the audit, the profession and regulatory oversight.

COVID-19

The COVID-19 pandemic is significantly impacting Canadian reporting issuers and their auditors. CPAB is actively identifying the challenges auditors are facing during this period of unprecedented disruption.

Audit Quality Indicators

Audit quality is challenging for audit committees to measure and evaluate. Audit Quality Indicators respond to this issue by providing quantitative measures of aspects of the external audit.

Crypto

We encourage a comprehensive approach by auditors in addressing the specific audit risks that are unique to the crypto-asset sector.

Data Analytics

The use of technology is changing how audits are being performed, including the increasing use of data analytics.

Foreign Jurisdictions

On the matter of access to audit work performed outside of Canada, CPAB continues to experience barriers as we conduct our inspections.

Fraud

CPAB is exploring how well auditors are complying with auditing and ethical standards requirements to detect and respond to fraud.

Going Concern

Stakeholders are asking if auditors are doing enough to identify and report on companies at risk of insolvency.

Role of the Audit Committee

Audit committees play a pivotal role in enhancing audit quality.