CPAB Audit Quality Indicators Pilot Project – Summary Interim Report
Mar 26, 2018
On March 26, 2018, the Canadian Public Accountability Board (CPAB) released their 2017 interim update on why they believe AQIs can positively impact audit quality.
CPAB encourages audit committees, management and audit firms to use AQIs and share their experiences with the audit community.
Through their exploratory AQI Pilot project in 2016-2017, they heard the following:
- Growing support for management-related AQIs
- Upfront discussions provide the most value
- Less is usually more
- Need for continual evolution
- Continuing the search for objective benchmarks
- Diverse opinions on the usefulness of specific AQIs
- Project management is important to audit quality
- Disclosure and audit committee reporting
CPAB is transitioning from an AQI Pilot to promoting widespread use of AQIs in the normal course of audit committee activities. To support and encourage their use as a normal audit committee activity, they are working on two new initiatives: an AQI Guide and an AQI Network.
Review the report on the CPAB's website.
