Canadian Public Accountability Board launches public consultation on potential changes to its disclosures
TORONTO, July 19, 2021 – The Canadian Public Accountability Board (CPAB), Canada’s public company audit regulator, today launched a public consultation to gather input and invite a dialogue on potential changes to the regulatory assessment information it releases to the public.
“CPAB last broadened its disclosures framework in 2014; given changing audit and regulatory practices and stakeholder expectations, it is appropriate to consider evolving our approach at this time,” said Carol Paradine, CEO, CPAB. “We are specifically interested in the investing public’s feedback on our disclosure principles, what and how we communicate to audit committees and what we share publicly about our regulatory assessment results and enforcement actions.”
The consultation runs from July 19, 2021 to September 30, 2021. CPAB has issued a consultation paper to solicit feedback. Stakeholders are invited to submit a written response, complete a consultation survey (available here) or participate in 1:1 meetings with CPAB.
CPAB will collect and assess all stakeholder comments and publish the responses on its website. If regulatory change is warranted, additional discussion and approvals will likely be necessary. Any proposed changes will be outlined in a feedback statement made public on CPAB’s website.
The Canadian Public Accountability Board (CPAB) is Canada’s independent, public company audit 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 sustainable 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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