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CPAB 2014 Inspections Report: Highlights for Audit Committees

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Mar 31, 2015

On March 31, 2015, the Canadian Public Accountability Board (CPAB) issued its 2014 Inspections Report: Highlights for Audit Committees (the Summary) which is a summary of CPAB’s 2014 All Firm Inspections Report with content of particular interest to audit committee members.

The Summary notes that the audit quality of the Big Four firms, as a group, continues to progress, in large part by augmenting their action plans and embedding them into their annual cycle of continuous improvement. While not all Big Four firms are in exactly the same place when it comes to implementation or results, CPAB’s inspections indicate that, overall, these firms are taking appropriate action. The Summary also notes that the 10 other annually inspected firms have worked to address audit quality gaps through action plans. Inspection results for the 4 national/network firms generally improved in 2014.

While progress is being made, not all of these firms are where they need to be when it comes to audit quality - there is still more work to do. Challenges exist among 3 of the 6 large regional firms whose results declined overall. These firms vary in terms of how far along they are in implementing their action plans, leaving some with more work to do than others. Their audit quality initiatives are not where they need to be and are not having the timely impact CPAB has seen in other firms. CPAB plans to monitor the implementation, sustainability and effectiveness of their action plans in 2015.

Review the Summary on the CPAB's Web site.

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