CPAB Audit Quality Insights Report: 2021 Interim Inspections Results

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Oct 15, 2021

On October 15, 2021, the Canadian Public Accountability Board’s (CPAB) released its Audit Quality Insights Report on its 2021 inspections to date. The report features common findings and highlights several audit quality matters that impact audit committees, regulators and investors.

The interim report includes observations on the impact of the COVID-19 pandemic on public company audits and their inspection results specifically related to the implementation of the new estimates standard for 2020 audits. To date their inspections findings across Canada’s four largest public accounting firms is lower than the previous year.

CPAB encourage public accounting firms to provide this report to their reporting issuers’ audit committees. Audit committees should discuss this report, any file-specific findings and any remediation action taken, if applicable, with their external auditor.

CPAB will publish its final assessment of its planned file inspections in March 2022.

Review the report on CPAB's website.

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