Transparency into the Audit – Enhanced Auditor Reporting and Audit Committee Reporting
Mar 31, 2016
On March 31, 2016, the Canadian Public Accountability Board (CPAB) released a publication where it discusses the two initiatives increasing transparency into the audit process - Enhanced Auditor Reporting and Audit Committee Reporting.
Traditionally the financial audit process has been opaque, operating in a black box environment with only a pass or fail judgement rendered by the auditor on an annual basis.
However, there has been a growing realization that increasing transparency into the audit process could benefit audit committees, investors and other stakeholders.
A number of initiatives are underway internationally to increase transparency into the audit process. The publication outlines two initiatives: enhanced auditor reporting and enhanced audit committee reporting.
Review the publication on the CPAB's Web site.
Related Topics
- Enhancing Audit Quality in the Public Interest: A Focus on Professional Skepticism, Quality Control, and Group Audits (Possible Amendments to CAS 200, CAS 220, CAS 315, CAS 600 and CSQC 1) [Completed]
- New Auditor Reporting (Amendments to CAS 700, CAS 705, CAS 706, CAS 260 and CAS 570 and new CAS 701) [Completed]
