CPAB 2014 Public Report: Big Four Firm Inspections

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Nov 25, 2014

On November 25, 2014, the Canadian Public Accountability Board (CPAB) issued its CPAB 2014 Public Report: Big Four Firm Inspections, which is the CPAB’s first annual inspections report focused on Canada’s Big Four audit firms.

CPAB’s 2014 inspection findings show a positive trend across the Big Four firms, although there is still more to do to achieve sustainable audit quality. CPAB’s inspections indicate that challenges persist in the areas of:

  1. auditing complex accounting estimates;
  2. auditing in foreign jurisdictions;
  3. understanding and evaluating internal controls;
  4. applying professional judgment; and
  5. executing professional skepticism.

Review the report on the CPAB's Web site.

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