CPAB 2017 Big Four Public Report

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Nov 27, 2017

On November 27, 2017, the Canadian Public Accountability Board (CPAB) released its Big Four firm public inspections report. Significant inspection findings were lower in 2017.

CPAB had fewer inspection findings across Canada’s largest public accounting firms in 2017 compared to 2016 and 2015. We inspected 86 (2016:87) audit engagement files – six of those files had significant findings compared to 11 files in 2016 and 24 files out of 93 in 2015. There are two restatements to date.

While each Big Four firm demonstrated an acceptable level of inspection findings overall, CPAB continued to find exceptions where they did not execute consistently across the firm. The need to fully embed audit approach improvements into every practice and every engagement still requires more attention.

Review the report on the CPAB's website.

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