Canadian audit quality roundtable addresses current state and emerging risks
Oct 30, 2023
On October 30, 2023, the Canadian Public Accountability Board (CPAB), the Office of the Superintendent of Financial Institutions (OSFI) and the Canadian Securities Administrators (CSA) co-hosted the Canadian Audit Quality Roundtable in Toronto. The roundtable provided an important forum to discuss key issues and priorities that are needed to support the integrity of financial reporting in Canada.
The topics discussed include:
- Risks impacting external audits
- The role of governance and culture within an audit firm, particularly with regards to audit quality
- Observations on the implementation of the new Canadian auditing standard on quality management systems
- Fraud detection and prevention
- Developments in sustainability and climate disclosure reporting standards and practices
- Risks related to emerging technologies, including artificial intelligence
- IFRS 17 Insurance Contracts implementation
Roundtable participants reaffirmed their shared commitment to fostering a robust Canadian financial system by maintaining open and proactive engagement, acting on issues early and in a coordinated manner.
Access the news release on the CPAB website.
Related Topics
- CAS 240, The Auditor's Responsibilities Relating to Fraud in an Audit of Financial Statements
- CSQM 1, Quality Management for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements
- CSQM 2, Engagement Quality Reviews
- IFRS 17 — Insurance Contracts
