Media

TORONTO, October 23, 2025 – The Canadian Public Accountability Board (CPAB), Canada’s public company audit regulator, released its interim public report on its 2025 audit quality assessment work to date.

Themes identified in our inspection findings so far this year include: 

• Technology used in audits: Insights related to the use of technology-assisted audit tools to perform audit procedures. 
• Fraud risk identification and response: Need for better evaluation of fraud risk factors and audit procedures responsive to fraud risks identified. 
• Audits of group financial statements: Insights related to the implementation of the revised group audit standard.
• Evaluation of accounting policies: Findings about whether the company’s accounting policies are appropriate and in accordance with financial reporting standards. 

The report also includes CPAB’s observations on AI applications and their impact on the audit landscape, and the release of CPAB’s individual firm public inspection reports starting in the first quarter of 2026.

“At CPAB, we are steadfast in our commitment to continuous improvement in audit quality and heightened transparency, which serve to enhance investor protection,” said Carol Paradine, CEO, CPAB. 

CPAB encourages audit firms to share this report with the audit committees of public companies. Overall considerations for audit committees, based on the themes identified in the report, are also included to inform conversations about year-end audit preparations. Audit committees can then discuss the report, any specific findings, and any remediation actions taken, if applicable, with their external auditor.

CPAB’s Audit Quality Insights: 2025 Interim Inspections Results is available at www.cpab-ccrc.ca. CPAB will publish its final assessment of its 2025 file inspections in March 2026.

About CPAB 

The Canadian Public Accountability Board (CPAB) is Canada’s independent audit regulator that oversees accounting firms that audit Canadian reporting issuers. CPAB promotes audit quality through proactive regulation, robust audit assessments, dialogue with domestic and international stakeholders, practicable insights to inform capital market participants and contributes to public confidence in the integrity of financial reporting. CPAB has offices in Montreal, Toronto and Vancouver.

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For more information, contact:

Media Relations, Canadian Public Accountability Board

media.relations@cpab-ccrc.ca