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2017 Audit Quality Symposium Key Messages

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Jul 27, 2017

On July 27, 2017, the Canadian Public Accountancy Board (CPAB) released a report setting out the key messages from its fourth Audit Quality Symposium: Earning Investor Confidence which was held on May 16-17, 2017.

The report advises that three key messages emerged from the CPAB’s discussions with investors and key stakeholders and dialogue during and following the Symposium:

  1. Investors use a wide variety of financial and non-financial information to assess a company’s performance, financial condition and future prospects; very little of which comes from the annual audited financial statements. The belief by key stakeholders that all information disclosed by reporting issuers is equally reliable represents an expectations gap that creates a risk to the capital markets.
  2. Auditors and audit committees have an opportunity to engage increasingly with information outside the financial statements to enhance its reliability and reduce the expectations gap.
  3. Transformational change is required to ensure there is continued confidence in the information that drives the capital markets and the audit remains relevant. A fundamental transformation will only be successful if all parties in the financial reporting and disclosure system are engaged, support this transformation and reassess their respective roles and responsibilities.

For further details, see the meet­ing report on the CPAB's Web site.

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