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CPAB Project – Audit Committee Communications [Research]

 

Pro­posed ef­fec­tive date:

To be de­ter­mined

Next steps:

CPAB plans to launch a new project relating to Audit Committee Communications in 2017/2018.

Last up­dated:

November 2017

 

Overview

One of the goals of the Canadian Public Accountability Board (CPAB) is to enhance audit quality and investor protection by providing content to help stakeholders improve audit quality and perform their roles more effectively. On November 27, 2017, CPAB announced that it plans to launch a new project to advance this effort relating to Audit Committee Communications in 2017/2018.

CPAB notes that the quality of communications between the audit committee and auditor influences both audit quality and the value the audit committee extracts from the audit. There is increased interest in understanding best practices in this area. For this project, audit committee communications includes all aspects of ongoing communications between the audit committee and auditor such as formal written communications, one-on-one meetings, ad hoc discussions, the use of in-camera sessions and others

The project’s objectives include:

  • to better understand the quality and efficacy of communications between auditors and audit committees through multi-stakeholder dialogue and case study analysis; and
  • to identify best practices that can be broadly shared with audit firms, audit committees and preparers;

CPAB will perform a detailed review of specific audit committee communications at various reporting issuers. This will require obtaining documentation of audit committee communications (i.e. presentations) and holding interviews/discussions with audit firms, audit committees and potentially management.

CPAB plans to publish its key insights at the end of the project.

Other de­vel­op­ments

November 2017

On November 27, 2017, CPAB announced that it plans to launch a new project relating to Audit Committee Communications in 2017/2018.

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