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Fraud

CPAB performed fraud thematic reviews in 2019 and 2021 to evaluate the quality of fraud-related procedures performed in audits of financial statements.

Fraud can have extremely negative consequences on impacted organizations and their stakeholders. 

Over the past few years, CPAB integrated fraud thematic reviews into our regular inspections of audit files at annually inspected firms. The reviews involved a deeper dive into the quality of work performed by auditors to identify, assess and respond to fraud risks. The results of our reviews suggest that auditors could do more to enhance the quality of their fraud risk identification and assessments.  

The reviews also provided insights about how international and Canadian auditing standards that deal with an auditor’s responsibilities relating to fraud could be strengthened, enhanced and clarified in the public interest. CPAB has actively engaged with the International Auditing and Assurance Standards Board (IAASB) and the Canadian Auditing and Assurance Standards Board (AASB) as they work toward revising those standards.   

We’ve also met with forensic specialists, investors and other regulators to better understand the public’s expectations of auditors relating to fraud detection and to inform our views about good audit practices. The results of our 2019 and 2021 fraud thematic reviews are available in the Resources sidebar on this page.


RESOURCES


> Thought Leadership Publications
13/05/2022
CPAB Exchange: Fraud thematic review
> Thought Leadership Publications
04/02/2020
2019 Fraud Thematic Review Project

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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