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CPAB Special Report 2015: Auditing in Foreign Jurisdictions

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Mar 31, 2015

On March 31, 2015, the Canadian Public Accountability Board (CPAB) issued Special Report 2015: Auditing in Foreign Jurisdictions which is a special report on CPAB’s inspections of audits of companies with operations in foreign jurisdictions.

During 2014, CPAB inspected the audit files of 30 reporting issuers with operations in foreign jurisdictions, to assess progress since the 2011 inspections. The scope encompassed a variety of foreign jurisdictions including China, Mexico, Africa, and South America. Files selected for review included audits performed by the national accounting firms, as well as other regional and local audit firms registered with CPAB.

Overall, a general improvement in quality was noted compared to 2011. Although progress has been made, CPAB believes continued attention is required to ensure that audits of these entities appropriately identify and respond to significant risks, especially those that are unique to the foreign jurisdiction. Areas of attention include:

  1. identifying and responding to country specific risks;
  2. understanding laws and regulations and addressing the risk of  fraud;
  3. determining the appropriate use of the work of component auditors; and
  4. CPAB’s access to component auditor working papers.

Review the report on the CPAB's Web site.

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