2021 CPAB Disclosures - public consultation [Completed]

Effective date(s):

The CPAB’s recommendations regarding changes to its disclosures include both near-term changes to be implemented in 2023 and longer-term modifications which will require changes to legislation or to rules.

Last up­dated:

October 2022

 

Overview

On July 19, 2021, the Canadian Public Accountability Board (CPAB) announced that they are conducting a public consultation to gather stakeholder input and to invite a dialogue on potential changes to the information that they disclose about the results of their regulatory assessments. Comments are requested by September 30, 2021.

CPAB is requesting input into potential changes to the information that they disclose about the results of their regulatory assessments, specifically:

  • Communication to audit committees
  • Disclosures of the results of their regulatory oversight activities
  • Disclosures related to CPAB’s enforcement actions

Review the press release on the CPAB's website. 

In December 2021, the CPAB has posted all of the responses to the public consultation (from the respondants that permit public disclosure of their responses) as well as a detailed summary of the survey results. CPAB is currently reviewing the feedback received on the consultation document and considering next steps.

On October 4, 2022, the CPAB published its disclosure recommendations document, outlining planned changes to how they will disclose information about the results of their regulatory assessments. Their recommendations include both near-term changes to be implemented in 2023 and longer-term modifications which will require changes to legislation or to rules.

CPAB's recommendations include both near-term changes to be implemented in 2023 and longer-term modifications which require changes to legislation or to our rules. These longer-term changes are expected to take a minimum of two to three years because changes to CPAB’s Rules and its governing legislation require the involvement of provincial governments and securities regulators.

In the near-term, beginning in 2023, CPAB, where possible, will disclose:

  • Significant enforcement actions imposed on a firm following an inspection
  • Recommendations which were included in a firm report but not addressed by the firm

Over the longer term, CPAB will work to secure rule or legislative changes which will allow the following:

  • Mandatory disclosure of issuer-specific significant inspection findings to that issuer’s audit committee
  • Individual public inspection reports for each audit firm

Review the recommendations on the CPAB's website.

 

Other de­vel­op­ments

October 2022

On October 4, 2022, the CPAB published its disclosure recommendations document, outlining planned changes to how they will disclose information about the results of their regulatory assessments.

December 2021

In December 2021, the CPAB has posted all of the responses to the public consultation (from the respondants that permit public disclosure of their responses) as well as a detailed summary of the survey results.

July 2021

On July 19, 2021, the CPAB announced that they are conducting a public consultation to gather stakeholder input and to invite a dialogue on potential changes to the information that they disclose about the results of our regulatory assessments.

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