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CPAB Exchange: Changes to Auditor Reporting

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Mar 31, 2014

On March 31, 2014, the Canadian Public Accountability Board (CPAB) issued a bulletin stating that it supports the need for more transparency with respect to auditor reporting.

In particular, the CPAB believes that five areas of improvement should be addressed, namely

  1. the disclosure of key/critical audit matters in the audit report;
  2. no going concern disclosure in the auditor’s report unless a material uncertainty exists;
  3. disclosure in the audit report of the involvement of other auditors in the audit;
  4. a single global solution to the perceived deficiencies in auditor reporting; and
  5. a more holistic approach, rather than disclosure of the audit partner’s name.

Review the bulletin on the CPAB's Web site.

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