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News Releases
09/04/2021

Remembering Brian Hunt

The Canadian Public Accountability Board (CPAB) is saddened to hear of the passing of our past CEO, Brian Hunt.

News Releases
30/03/2021

CPAB Taking Action to Address Inconsistent Audit Quality

CPAB's annual audit quality insights report released today notes mixed inspections results. While the overall level of significant findings has decreased slightly, Canada’s public company audit regulator encountered significant inconsistency in the quality of audits performed across the audit firms it oversees.

Annual Reports
30/03/2021

2020 Annual Report

CPAB's 2020 Annual Report.

Inspections Reports
30/03/2021

Audit Quality Insights Report: 2020 Annual Audit Quality Assessments

CPAB's Audit Quality Insights Report on its 2020 annual audit quality assessments features common findings and highlights several audit quality matters that impact audit committees, regulators and investors.

International Matters
30/03/2021

Access to Foreign Jurisdictions (2021)

CPAB’s risk-based inspections model highlights reporting issuers (RIs) with significant operations in foreign jurisdictions that might be candidates for inspection.

Thought Leadership Publications
10/02/2021

CPAB Exchange: Auditing in the cannabis sector

Since its legalization in Canada in 2018, the cannabis industry has seen unprecedented volatility in the capital markets. This publication highlights our inspections findings in this industry and emphasizes the need for immediate action to improve audit quality and protect capital markets.

Comment Letters
05/02/2021

CPAB responds to the IAASB’s discussion paper: Fraud and Going Concern in an Audit of Financial Statements

CPAB is pleased to respond to the IAASB’s discussion paper: Fraud and Going Concern in an Audit of Financial Statements.

Comment Letters
13/01/2021

CPAB Responds to IFRS Foundation’s Consultation Paper on Sustainability Reporting

CPAB responds to the IFRS Foundation’s consultation paper on sustainability reporting.

Speeches & Presentations
18/12/2020

CPAB Exchange Inspections Forum Presentation - Nov 18, 2020

CPAB launched its first Inspections Forum Series in 2020, featuring four forums between October 2020 and December 2020. Intended for small and mid-market Canadian participating audit firms these interactive sessions focused on key audit quality concerns facing firms, and current and emerging issues and provided an opportunity to share CPAB’s perspectives.

Event Highlights
10/12/2020

CPAB 2020 Audit Committee Highlights – A Year-end Review

This fall, we continued our one-on-one outreach and hosted eight forums to share our perspectives and discuss the issues top of mind for audit committees as we approach the end of the year and look ahead to 2021.

Comment Letters
29/10/2020

CPAB Responds to IAASB Proposed Revisions to International Standard on Auditing 600: Special Considerations - Audits of Group Financial Statements

CPAB responds to the exposure draft International Standard on Auditing 600 (revised): Special Considerations – Audits of Group Financial Statements (Including the Work of Component Auditors) and Proposed Conforming and Consequential Amendments to Other ISAs (ED-600).

News Releases
14/10/2020

Canadian Public Accountability Board releases 2020 Interim Inspections Report

The Canadian Public Accountability Board (CPAB) released its interim public report on its 2020 audit quality assessments, including initial observations on the impact of the pandemic on public company audits.

Inspections Reports
14/10/2020

CPAB Audit Quality Insights Report: 2020 Interim Inspections Results

This interim report provides a snapshot of themes and insights from our 2020 audit quality assessment work to date and highlights our initial observations on the impact of the COVID-19 pandemic on public company audits.

Thought Leadership Publications
28/09/2020

COVID-19 Insights: Understanding internal control in the audit

This publication highlights considerations for auditors as they obtain an understanding of internal controls to inform their risk assessments in audits performed during the pandemic.

News Releases
18/09/2020

Canada’s audit leaders hold roundtable to discuss public confidence in external audit quality

The Canadian Public Accountability Board (CPAB) and the Office of the Superintendent of Financial Institutions (OSFI) recently co-hosted a virtual meeting on external audit quality in Canada. CPAB’s Chief Executive Officer, Carol Paradine and OSFI’s Superintendent, Jeremy Rudin chaired the meeting.

News Releases
27/08/2020

Canadian Public Accountability Board appoints new director Don G. Chynoweth

The Canadian Public Accountability Board (CPAB), Canada’s public company audit regulator, is pleased to announce the appointment of Don G. Chynoweth as director.

Event Highlights
06/08/2020

2020 Audit Committee Forums Highlights

The Canadian Public Accountability Board (CPAB) hosted four forums in June 2020 for audit committee chairs of Canadian reporting issuers to discuss the impact of COVID-19 on the financial reporting and audit process.

Thought Leadership Publications
30/06/2020

COVID-19 public company audit implications: considerations for audit committees

This publication outlines key focus areas for audit firms and audit committees to consider as we collectively address the impact of COVID-19 on the financial reporting and audit process.

Inspections Reports
27/03/2020

2019 Annual Inspections Results

CPAB released its annual inspections results noting an overall increase in significant findings in the audits of the 35 public accounting firms it inspected in 2019.

Annual Reports
27/03/2020

2019 Annual Report

CPAB's 2019 Annual Report.

Event Highlights
25/03/2020

2019 Financial Institutions Forum Highlights

In December 2019, CPAB’s forum series brought audit committee chairs and CFOs together to discuss current audit quality matters and to share experiences on common issues in Canadian banking and insurance industries.

International Matters
24/03/2020

Access to Foreign Jurisdictions (2020)

CPAB’s risk-based inspections model highlights reporting issuers (RIs) with significant operations in foreign jurisdictions that might be candidates for inspection.

Thought Leadership Publications
04/02/2020

2019 Fraud Thematic Review Project

In 2019 CPAB launched a project to evaluate how auditors are complying with Canadian Auditing Standards and to identify what actions can be taken by all relevant stakeholders to better prevent and detect corporate fraud.

Thought Leadership Publications
23/01/2020

CPAB Going Concern Project

In 2019 CPAB launched a project on going concern to enhance our understanding of how auditors approach their work to review management’s assessment of going concern risk and how to better apply best practices.

Thought Leadership Publications
06/12/2019

Audit Quality Indicators: How to put them to work

Outlining a range of traditional and non-traditional AQIs, good practices and effective implementation tips, this practical guide will be useful to new and seasoned AQI users.

Event Highlights
06/12/2019

2019 Oil and Gas Industry Forum Highlights

CPAB held a roundtable in October 2019 in Calgary for audit committee chairs and CFOs of Canadian oil and gas reporting issuers.

Event Highlights
06/12/2019

2019 Mining Industry Forum Highlights

CPAB held roundtables on September 24, 2019 in Toronto and October 3, 2019 in Vancouver for audit committee chairs and CFOs of Canadian mining reporting issuers.

Event Highlights
06/12/2019

2019 Real Estate Industry Forum Highlights

CPAB held a roundtable in September 2019 in Toronto for audit committee chairs and CFOs of Canadian real estate reporting issuers.

News Releases
20/11/2019

Canada’s audit leaders hold roundtable to discuss public confidence in audit quality

In October 2019, CPAB and OSFI co-hosted a roundtable on audit quality in Canada.

Inspections Reports
07/11/2019

Auditing in the Crypto-Asset Sector: 2019 Inspections Insights

CPAB found significant findings in almost 90 per cent of audit files inspected to date.

Inspections Reports
03/10/2019

CPAB Audit Quality Insights Report: 2019 Fall Inspections Results

This report provides an overview of CPAB's 2019 audit quality assessments completed to date of the country’s four largest public accounting firms — Deloitte, Ernst & Young, KPMG, and PwC.

News Releases
03/10/2019

Canadian Public Accountability Board releases 2019 fall inspections report

Canadian Public Accountability Board releases 2019 fall inspections report.

International Matters
03/10/2019

Proposed amendments to improve CPAB access to audit working papers

On October 3, 2019, the Canadian Securities Administrators (CSA) published proposed amendments to National Instrument 52-108 (CPAB’s governing document) intended to improve CPAB’s access to audit working papers, particularly in foreign jurisdictions.

News Releases
13/09/2019

Canadian Public Accountability Board announces new board member Renaud Caron

CPAB is pleased to announce the appointment of Renaud Caron as director.

Comment Letters
19/08/2019

CPAB Response to IAASB on Audits of Less Complex Entities

The Canadian Public Accountability Board (CPAB) is pleased to provide feedback on the IAASB’s discussion paper on Audits of Less Complex Entities.

Event Highlights
23/07/2019

2019 Toronto and Montreal Audit Committee Forum Highlights

CPAB held audit committee roundtables in May and June 2019 in Toronto and Montreal for audit committee chairs and CFOs of Canadian public companies.

Comment Letters
02/07/2019

CPAB response to IAASB Exposure Drafts for ISQM

C​PAB comments on IAASB exposure drafts for ISQM 1, ISQM 2 and ISA 220.

Comment Letters
04/06/2019

CPAB Response to IAASB Proposed Strategy and Work Plan

CPAB responds to IAASB Proposed Strategy and Work Plan.

Comment Letters
15/05/2019

CPAB response to AASB's exposure draft on Communication of Key Audit Matters in the Auditor’s Report

CPAB responds to AASB's exposure draft on Communication of Key Audit Matters in the Auditor’s Report.

Thought Leadership Publications
08/05/2019

Enhancing Audit Quality through Data Analytics

New and emerging technologies, including data analytics, are providing opportunities for auditors to improve the effectiveness and efficiency and overall quality of the audit.

Thought Leadership Publications
07/05/2019

Communications between auditors and audit committees

Effective, two-way communications are a cornerstone of high-quality audits. In 2018 CPAB interviewed audit committee chairs and audit partners associated with public companies of different sizes and in a variety of industries.

Thought Leadership Publications
06/05/2019

The Comprehensive Review: What have we learned?

In 2018 CPAB met with audit committee chairs, external auditors and members of management to understand how comprehensive reviews are currently being performed.

News Releases
05/05/2019

CPAB Recognizes Brian Hunt's IFIAR Leadership

CPAB recognizes Brian Hunt's IFIAR leadership.

Inspections Reports
29/03/2019

CPAB Quality Insights Report: 2018 Inspections Results

Audit engagement file findings: significant findings higher in 2018, improvement needed now.

News Releases
29/03/2019

Regulator releases annual report on audits of Canadian public companies

CPAB noted an overall increase in significant inspection findings in 2018 relative to the previous year.

International Matters
27/03/2019

Access to Foreign Jurisdictions (2019)

CPAB’s risk-based inspections model highlights reporting issuers with significant operations in foreign jurisdictions that might be candidates for inspection.

Event Highlights
06/03/2019

2018 Eastern Canada Audit Committee Forum Highlights

CPAB held its second annual Eastern Canada Audit Committee Forum on June 5, 2018.

Event Highlights
06/03/2019

2018 Real Estate Industry Forum Highlights

CPAB held its Real Estate Industry Forum on October 18, 2018 in Toronto for audit committee chairs and CFOs of Canadian real estate companies.

Event Highlights
06/03/2019

2018 Mining Industry Forum Highlights

In October 2018, CPAB held Mining Industry Forums in Vancouver and Toronto for audit committee chairs of Canadian mining companies.

Event Highlights
06/03/2019

2018 CPAB Financial Institutions Forum Highlights

CPAB held a Financial Institutions Forum on December 12, 2018 in Toronto for audit committee chairs of large Canadian banks and insurance companies.

Annual Reports
01/03/2019

CPAB 2018 Annual Report

2018 marked the final year in the execution of CPAB’s 2016-18 strategic plan. We made progress in building on our assessments of firm quality management systems, expanding our dialogue with key stakeholders like audit committees, management, investors and other regulators, and increasing the publication of our perspectives on audit quality matters.

News Releases
16/01/2019

Canadian Public Accountability Board announces 2019-2021 strategic plan to accelerate audit quality in Canada

Through 2019-2021, CPAB will strengthen the organization’s regulatory effectiveness and drive higher quality audits by focusing on four key pillars.

CPAB Strategic Plans
10/01/2019

2019-21 Strategic Plan

Through 2019-21, CPAB will strengthen our regulatory effectiveness and drive higher quality audits.

Thought Leadership Publications
13/12/2018

Auditing in the Crypto-Asset Sector

Many of the reporting issuers in Canada’s crypto-asset sector obtained material crypto-asset holdings or engaged in material crypto-mining activity during the most recent fiscal year under audit. This communication highlights our expectations in a number of challenging areas.

Comment Letters
06/11/2018

CPAB response to the exposure draft on the proposed International Standard on Auditing 315 (Revised)

CPAB response to the exposure draft on the proposed International Standard on Auditing 315 (Revised).

Inspections Reports
03/10/2018

CPAB Audit Quality Insights Report: 2018 Fall Inspections Results

Audit quality in Canada: engagement file findings continue to reflect inconsistent execution.

News Releases
03/10/2018

Canada’s audit regulator releases 2018 fall inspections report

While overall audit quality in Canada remains strong, CPAB reported an increase in significant inspection findings in 2018 compared to the previous year.

Stakeholder Surveys
01/10/2018

2017-18 CPAB Stakeholder Survey

CPAB’s 2017-18 stakeholder survey was conducted to help gauge our current performance, build future outreach efforts and shape our 2019-21 strategic plan. An independent research firm facilitated the survey of audit committee members, audit firm leadership, and engagement partners inspected within the past two years.

Comment Letters
24/07/2018

CPAB Response to IOSCO Consultation Report

CPAB Response to IOSCO Consultation Report.

Comment Letters
17/07/2018

CPAB Response to IESBA Strategy and Work Plan

CPAB Response to IESBA Strategy and Work Plan.

Thought Leadership Publications
27/06/2018

Audit Quality Indicators: Final Report

Audit quality is a challenge for audit committees to measure and evaluate. Audit Quality Indicators (AQIs) are a response to this and provide quantitative measures about the external audit process.

News Releases
25/04/2018

IFIAR Members: Stakeholder Announcement

IFIAR addresses emerging disruptive enablers and the future of audit at annual Plenary meeting in Canada in April 2018.

Comment Letters
24/04/2018

CPAB Response to Monitoring Group Consultation

CPAB Response to Monitoring Group Consultation.

Inspections Reports
27/03/2018

2017 Annual Inspections Report

Significant inspection findings lower in 2017; CPAB views longer term consistency through a quality management systems lens.

News Releases
27/03/2018

Canada’s audit regulator releases annual public report on accounting firm inspections

Significant inspection findings lower in 2017; CPAB views longer term consistency through a quality management systems lens.

Annual Reports
27/03/2018

2017 Annual Report

2017 marked the second year of our three year strategic plan. In 2018, we will continue to focus on initiatives to support our strategic objectives.

Event Highlights
25/03/2018

2017 Financial Institutions Industry Forum Highlights

CPAB held its second annual Financial Institutions Industry Forum in December 2017 for audit committee chairs of large Canadian banks and insurance companies.

Inspections Reports
01/03/2018

2018 Annual Inspections Results

In 2018, 28 per cent of the files we inspected had significant findings (2017:12 per cent). We inspected 122 (2017:128) audit files and identified significant findings in 34 (2017:15).

News Releases
30/01/2018

CPAB Board of Directors Introduces Carol Paradine as New Chief Executive Officer

CPAB has appointed Carol Paradine as its new Chief Executive Officer, effective March 1, 2018.

Inspections Reports
27/11/2017

2017 Big Four Inspections Report

CPAB’s 2017 Big Four Inspections Report provides an overview of the annual inspections findings for Canada’s four largest public accounting firms (Deloitte LLP, EY LLP, KPMG LLP, PwC LLP).

Thought Leadership Publications
27/11/2017

2017-2018 Audit Quality Projects

One of CPAB’s goals is to enhance audit quality and investor protection by providing content to help stakeholders improve audit quality and perform their roles more effectively. In 2017/2018, we plan to launch two new projects to advance this effort.

News Releases
27/11/2017

Canada’s audit regulator releases annual public report on Big Four accounting firm inspections

Significant inspection findings lower in 2017; CPAB views longer term consistency through a quality systems lens.

Event Highlights
26/11/2017

2017 Mining Industry Forum Highlights

CPAB held Mining Industry Forums in October 2017 in Toronto and in Vancouver for audit committee chairs of Canadian mining companies.

Event Highlights
26/11/2017

2017 Real Estate Industry Forum Highlights

CPAB held its Real Estate Industry Forum in September 2017 for audit committee chairs serving the boards of Canadian real estate companies.

Event Highlights
26/11/2017

2017 Oil and Gas Industry Forum Highlights

CPAB’s Oil and Gas Industry Forum was held in September 2017 in Calgary for audit committee chairs of Canadian oil & gas companies.

Thought Leadership Publications
27/07/2017

2017 Audit Quality Symposium Key Messages

In May 2017, the Canadian Public Accountability Board (CPAB) held its fourth Audit Quality Symposium: Earning Investor Confidence.

News Releases
26/06/2017

Brian Hunt to step down as CPAB CEO

Brian Hunt, CPAB's CEO, will step down as CEO, at the conclusion of his current contract in February 2018.

News Releases
18/04/2017

IFIAR Elects Brian Hunt Chair of first Board

Moving to a more proactive influencer of global audit quality matters.

News Releases
29/03/2017

CPAB reports overall decrease in significant inspection findings in 2016; consistent audit execution remains a challenge

CPAB and firms to focus on systems and processes to drive consistent execution.