In its preliminary 2023 regulatory assessments, significant findings were identified in seven out of the 53 files inspected at the four largest firms, constituting 13 percent of the total. This marked a slightly higher rate of findings compared to the previous year. The detailed inspection results for other firms, both annually and non-annually inspected, will be incorporated into their comprehensive annual report, which will be released in March 2024.

The interim report shed light on various aspects, including the progress made in implementing the new Canadian quality management standards. It offered insights into their initiatives concerning climate, fraud detection, the integration of artificial intelligence in audits, and public disclosures. Additionally, the report outlined crucial considerations for audit committees as they commenced year-end audit preparations.

Review the report on the CPAB website.