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CPAB Annual Report 2014

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Mar 31, 2015

On March 31, 2015, the Canadian Public Accountability Board (CPAB) issued its 2014 Annual Report (the Annual Report).

The Annual Report notes the activities of the CPAB during 2014 including that

(i) at December 31, 2014, 290 audit firms were registered with CPAB (2013:296); and
(ii) during 2014, in total CPAB inspected 42 firms (2013:49) and 174 engagement files (2013:195), including:
(a) 4 Big Four firms – 98 files;
(b) 4 National/network firms - 32 files;
(c) 6 Large regional firms – 27 files;
(d) 16 Other firms – 15 files; and
(e) 12 firms re follow up inspections – 2 files.

Audit firms who voluntarily participate in the March 2014 Protocol for Audit Firm Communication of CPAB Inspection Findings to the Audit Committee share significant file-specific inspection findings with their clients’ audit committees. A significant inspection finding is a significant deficiency in the application of generally accepted auditing standards related to a material financial balance or transaction stream where the audit firm must perform additional audit work to support the audit opinion and/or is required to make significant changes to its audit approach. During 2014, CPAB identified a total of 32 files containing significant inspection findings in the 174 engagement files examined.

Review the Annual Report on the CPAB's Web site.

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