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).
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.
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.
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.
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.
The Canadian Public Accountability Board (CPAB), Canada’s public company audit regulator, is pleased to announce the appointment of Don G. Chynoweth as director.
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.
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.
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.
CPAB's 2019 Annual Report.
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.
CPAB’s risk-based inspections model highlights reporting issuers (RIs) with significant operations in foreign jurisdictions that might be candidates for inspection.
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.
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.
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.
CPAB held a roundtable in October 2019 in Calgary for audit committee chairs and CFOs of Canadian oil and gas reporting issuers.
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.
CPAB held a roundtable in September 2019 in Toronto for audit committee chairs and CFOs of Canadian real estate reporting issuers.
In October 2019, CPAB and OSFI co-hosted a roundtable on audit quality in Canada.
CPAB found significant findings in almost 90 per cent of audit files inspected to date.
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.
Canadian Public Accountability Board releases 2019 fall inspections report.
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.
CPAB is pleased to announce the appointment of Renaud Caron as director.
The Canadian Public Accountability Board (CPAB) is pleased to provide feedback on the IAASB’s discussion paper on Audits of Less Complex Entities.
CPAB held audit committee roundtables in May and June 2019 in Toronto and Montreal for audit committee chairs and CFOs of Canadian public companies.
CPAB comments on IAASB exposure drafts for ISQM 1, ISQM 2 and ISA 220.
CPAB responds to IAASB Proposed Strategy and Work Plan.
CPAB responds to AASB's exposure draft on Communication of Key Audit Matters in the Auditor’s Report.
New and emerging technologies, including data analytics, are providing opportunities for auditors to improve the effectiveness and efficiency and overall quality of the audit.
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.
In 2018 CPAB met with audit committee chairs, external auditors and members of management to understand how comprehensive reviews are currently being performed.
CPAB recognizes Brian Hunt's IFIAR leadership.
Audit engagement file findings: significant findings higher in 2018, improvement needed now.
CPAB noted an overall increase in significant inspection findings in 2018 relative to the previous year.
CPAB’s risk-based inspections model highlights reporting issuers with significant operations in foreign jurisdictions that might be candidates for inspection.
CPAB held its second annual Eastern Canada Audit Committee Forum on June 5, 2018.
CPAB held its Real Estate Industry Forum on October 18, 2018 in Toronto for audit committee chairs and CFOs of Canadian real estate companies.
In October 2018, CPAB held Mining Industry Forums in Vancouver and Toronto for audit committee chairs of Canadian mining companies.
CPAB held a Financial Institutions Forum on December 12, 2018 in Toronto for audit committee chairs of large Canadian banks and insurance companies.
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.
Through 2019-2021, CPAB will strengthen the organization’s regulatory effectiveness and drive higher quality audits by focusing on four key pillars.
Through 2019-21, CPAB will strengthen our regulatory effectiveness and drive higher quality audits.
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.
CPAB response to the exposure draft on the proposed International Standard on Auditing 315 (Revised).
Audit quality in Canada: engagement file findings continue to reflect inconsistent execution.
While overall audit quality in Canada remains strong, CPAB reported an increase in significant inspection findings in 2018 compared to the previous year.
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.
CPAB Response to IOSCO Consultation Report.
CPAB Response to IESBA Strategy and Work Plan.
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.
IFIAR addresses emerging disruptive enablers and the future of audit at annual Plenary meeting in Canada in April 2018.
CPAB Response to Monitoring Group Consultation.
Significant inspection findings lower in 2017; CPAB views longer term consistency through a quality management systems lens.
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.
CPAB held its second annual Financial Institutions Industry Forum in December 2017 for audit committee chairs of large Canadian banks and insurance companies.
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).
CPAB has appointed Carol Paradine as its new Chief Executive Officer, effective March 1, 2018.
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).
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.
Significant inspection findings lower in 2017; CPAB views longer term consistency through a quality systems lens.
CPAB held Mining Industry Forums in October 2017 in Toronto and in Vancouver for audit committee chairs of Canadian mining companies.
CPAB held its Real Estate Industry Forum in September 2017 for audit committee chairs serving the boards of Canadian real estate companies.
CPAB’s Oil and Gas Industry Forum was held in September 2017 in Calgary for audit committee chairs of Canadian oil & gas companies.
In May 2017, the Canadian Public Accountability Board (CPAB) held its fourth Audit Quality Symposium: Earning Investor Confidence.
Brian Hunt, CPAB's CEO, will step down as CEO, at the conclusion of his current contract in February 2018.
Moving to a more proactive influencer of global audit quality matters.
CPAB and firms to focus on systems and processes to drive consistent execution.