Expanding the information CPAB discloses

In September, CPAB outlined planned changes to how we will disclose information about the results of our regulatory assessments.

Beginning in 2023, CPAB will publish information on recent enforcement and other regulatory actions imposed on audit firms.

2022 outreach overview

Here's a summary of CPAB's 2022 publications:

CPAB Exchange

Publications in the CPAB Exchange series highlight important issues and share practical insights with a view to prompting productive dialogue with audit firms and audit committees.

In 2022, they published the following:

• Going concern thematic review focuses on ways for auditors to more proactively assess going concern and underscores the importance of identifying early warning indicators and consistently applying professional skepticism.
• Fraud thematic review, also published in May, outlines steps that auditors could take to enhance the quality of their fraud risk identification and assessments, and identifies opportunities to enhance existing standards.
• Auditing in the crypto-asset sector report provides important insights and recommendations for those auditing the existence of crypto-assets held in custody by third parties.

Inspections reports

Twice annually, CPAB publishes the results of our inspections work. The full-year report on inspections conducted in 2021 was published in March. The interim report, published in October, provided a snapshot of themes and insights from our audit quality assessment work in the first portion of 2022.

Strengthening audit quality

In 2022, they published two additional papers intended to strengthen audit quality:

• The March 2022 report Audit evidence: Strengthening audit quality highlighted common deficiencies related to the appropriate application of professional skepticism and identification and evaluation of fraud risk factors.
• The report System of quality management call to action: Strengthening audit quality, published in October 2022, was designed to assist audit firms as they implement their system of quality management to comply with the new quality management standards.