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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.

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.

Cannabis

The cannabis industry is bringing new audit and financial reporting challenges to Canada.

Crypto

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

Disclosures

CPAB is requesting input into potential changes to the information that we disclose about the results of our regulatory assessments.

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.

Sustainability

CPAB is exploring how auditors are addressing the impact of climate-related risks in their financial statement audits.

Technology in the Audit

The use of technology is changing how audits are being performed.

THE CANADIAN PUBLIC ACCOUNTABILITY BOARD

The Canadian Public Accountability Board (CPAB) is Canada’s independent, public accounting firm regulator. Charged with overseeing audits performed by registered public accounting firms, CPAB contributes to public confidence in the integrity of financial reporting and is committed to protecting Canada’s investing public. CPAB promotes audit quality through proactive regulation, dialogue with domestic and international stakeholders, and practicable insights to inform capital market participants. CPAB has offices in Montreal, Toronto and Vancouver.

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