TORONTO, October 19, 2022 – The Canadian Public Accountability Board (CPAB) released its interim public report on its 2022 audit quality assessments. This report provides a snapshot of themes and insights from our 2022 audit quality assessment work to date.
This interim report also highlights our observations related to progress on the implementation of the new quality management standards, auditor independence and objectivity. It also provides insight into our activities on firm culture and the results of thematic reviews on climate, fraud and going concern. Overall considerations for audit committees are also included as year-end audit preparations begin. CPAB welcomes the opportunity to discuss this report with audit committees and other capital market participants.
CPAB encourages public accounting firms to provide this report to their reporting issuers’ audit committees. Audit committees should discuss this report, any file-specific findings and any remediation action taken, if applicable, with their external auditor.
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.
– 30 –
For more information, contact:
Susan Schutta, Chief Corporate Affairs Officer
Canadian Public Accountability Board
susan.schutta@cpab-ccrc.ca