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Foreign Jurisdictions

Investors should be concerned when foreign laws and regulations impede or reduce the level of auditor oversight that they have come to expect in Canada.
 

CPAB inspects audit firms that audit Canadian reporting issuers. In situations where Canadian reporting issuers have operations outside of Canada, it is necessary to access audit files from the foreign jurisdiction.

In 2022, the Canadian Securities Administrators (CSA) amended National Instrument 52-108 to improve CPAB's access to audit working papers in foreign jurisdictions. Investors should be concerned when foreign laws and regulations impede or reduce the level of auditor oversight that they have come to expect in Canada. While most audit firms cooperate where we need access to working papers outside of Canada, certain countries, including China, continue to prevent CPAB from inspecting the audit work of Canadian public companies conducted in their jurisdictions. Discussions are ongoing to obtain access in China.

 

RESOURCES


> International Matters
13/01/2022
Access to Foreign Jurisdictions (2022)
> International Matters
13/01/2022
Guidance regarding CPAB’s process for requirements in NI 52-108 related to access to working papers of significant component auditors in foreign jurisdictions
> International Matters
30/03/2021
Access to Foreign Jurisdictions (2021)

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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