CPAB Regulatory Oversight Report: 2021 Annual Inspections Results

Published on: Mar 31, 2022

Our regulatory oversight of public accounting firms that audit Canadian reporting issuers includes the inspection of completed audits of financial statements and the system of quality management, and regulatory intervention. This year we reached a record number of enforcement decisions arising from 2020 audit firm inspections and investigations. During our 2021 regulatory assessments we observed some improvements in file inspection results and the systems of quality management at some audit firms. However, the quality of audit files continues to be inconsistent, and in some cases significant improvement is required. We expect a continued high level of enforcement and other regulatory intervention in 2022.


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