Supporting audit quality at smaller firms
Smaller audit firms play a significant role in the Canadian auditing landscape.
Currently, 95 smaller audit firms are registered with CPAB and more than 40% of Canadian reporting issuers (RIs), representing about 1,700 RIs, are audited by smaller audit firms.
In our most recent three-year strategic plan (watch the video here), CPAB outlined its plans to bolster improved audit quality at smaller firms through increased engagement and collaboration.
While keeping pace with new technologies, innovation and entrepreneurialism, the resources on this page aim to contribute to and expand on existing industry tools and training available to smaller firms. Here, we are focused on:
- Monitoring audit quality at smaller firms and disseminating good practices through publications.
- Sharing valuable insights on emerging risks, recent inspection findings, and audit quality themes with smaller firms through dedicated events across the country, while fostering open and constructive engagement with audit firms.
- Helping firms throughout the registration process and highlighting factors that might lead to audit quality risks and challenges. To register with CPAB, visit the How To Register webpage.
- Strengthening our engagement with audit committees and Chief Financial Officers of smaller reporting issuers including sharing good practices and promoting the alignment of efforts to address financial reporting and audit quality risks.
- Working with other regulators to learn from our collective experiences and continually identifying opportunities to improve audit quality in Canada.
If you want to stay on top of news related to audit quality initiatives and trends for smaller firms, consider adding this page to your favourites. We will regularly update this space with new content.
Visit CPAB’s Resource centre for additional publications and reports.