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CPAB Audit Quality Insights Report: 2020 Interim Inspections Results

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Oct 14, 2020

On October 14, 2020, the Canadian Public Accountability Board’s (CPAB) released its Audit Quality Insights Report on its 2020 inspections to date. The report features common findings and highlights several audit quality matters that impact audit committees, regulators and investors.

2020 has been an extraordinary year. The COVID-19 economic disruption has given rise to a large number of critical accounting and auditing issues. The current environment is uncharted territory for auditors as the pandemic continues to raise challenges to how the audit is performed. This interim report provides a snapshot of themes and insights from CPAB's 2020 audit quality assessment work to date and highlights their initial observations on the impact of the COVID-19 pandemic on public company audits. CPAB has included considerations for auditors and audit committees as they prepare for their year-end audits and continue to respond to the challenges of COVID-19.

While the 2020 engagement file inspections were delayed for a short time as CPAB and the firms prepared for this work to be done remotely, the inspections results to date suggest the overall rate of significant findings is lower than the previous year. These results are subject to change as CPAB completes the balance of its inspections.

CPAB will publish its final assessment of its planned file inspections, including any impacts of the COVID-19 pandemic, in March 2021.

Review the report on the CPAB's website.

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