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CPAB Response to IOSCO Consultation Report

  • CPAB - Assurance Image

Jul 24, 2018

On July 24, 2018, the Cana­dian Pub­lic Ac­count­abil­ity Board (CPAB) posted its response to the April 2018 IOSCO Consultation Report on Good Practices for Audit Committees in Supporting Audit Quality.

The response by CPAB is supportive of the IOSCO Consultation Report. CPAB appreciates IOSCO’s aim to develop good practices that are varied and flexible enough to be relevant and practicable for audit committees of different sizes and complexity. CPAB encourages audit committees to use the report as a guide to implement good practices that fit their organizations and ultimately positively influence audit quality.

CPAB also encourages IOSCO to consider including Audit Quality Indicators (AQIs) as a good practice for audit committees because AQIs result in a better understanding among management, the audit committee and the external auditor of their roles in the audit and responsibilities related to audit quality, and their expectations of others. When assessed alongside relevant qualitative information, CPAB believes that AQIs provide insights about factors that may influence audit quality.

Read the response on the CPAB's web­site.

 

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