Assurance

Selected publications from CPA Canada on a variety of topics

Related Publications

The Value of High-Quality Audits and the Importance of Funding an Independent Multi-stakeholder International Standard-setting Structure

Apr 08, 2022

This paper was published to draw attention to the importance of high-quality audits to investors, issuers, national standard-setters, regulators and others. These must be conducted in accordance with standards developed by an independent and inclusive international audit and ethics standard-setting structure.

CPAB Regulatory Oversight Report: 2021 Annual Inspections Results

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.

2021 Annual Report: Enhancing confidence in Canada’s public company audits

Mar 31, 2022

Key to the board’s work in 2021 was providing oversight and guidance as management conducted its regulatory assessments and delivered on its annual operating commitments to protect the investing public during another uncertain year. Solidly positioned to work remotely thanks to an effective pivot last year, management met the balance of its strategic priorities as the environment continued to evolve. Looking ahead, we approved CPAB’s 2022-24 strategic plan at the November board meeting — an ambitious three-year blueprint for enhancing confidence in Canada’s public company audits. In 2022 the board’s key priorities will include oversight of CPAB’s public disclosures review and implementation of the first year of the new strategic plan, employee health and well-being and an ongoing focus on board diversity. March 2022

Auditing Considerations Related to the Invasion of Ukraine

Mar 31, 2022

The recent Russian invasion of Ukraine not only is affecting companies with operations in the region but also has the potential for far-reaching economic impacts on companies operating across different jurisdictions. We are providing this Spotlight to highlight important considerations for auditors of issuers and broker-dealers (collectively “companies”) as they plan and conduct audits and reviews of interim financial information in this evolving environment.

Client-Continuance, Auditing, Accounting, and Disclosure Considerations Arising from the Events in Ukraine

Mar 31, 2022

This Practice Alert provides information and considerations for engagement teams in light of the unfolding crisis in Ukraine and its impact on entities.

2021 Conversations with Audit Committee Chairs

Mar 18, 2022

Each year, the PCAOB reaches out to audit committee chairs at U.S. public companies whose audits they inspect, inviting them to connect with staff from our Division of Registration and Inspections for substantive conversations covering a range of topics related to oversight of external auditors. In 2021, it conducted more than 240 conversations with audit committee chairs. This publication presents high-level observations and takeaways from those conversations.

ISA 220 First-time Implementation Guide

Feb 17, 2022

This non-authoritative First-time Implementation Guide may help stakeholders understand the requirements of the International Standard on Auditing (ISA) 220, Quality Management for an Audit of Financial Statements, and implement the standard in the manner intended. Practitioners are required to have quality management systems designed and implemented in accordance with ISA 220 by December 15, 2022.

Audit Committee Practices Report; Common Threads Across Audit Committees

Jan 18, 2022

The Audit Committee Practices Report, a collaborative effort between Deloitte’s Center for Board Effectiveness and the Center for Audit Quality, provides insight into the most pressing issues facing audit committees today and leading practices to help them execute their responsibilities effectively.

Considerations of ESG-related matters in an audit of financial statements

Dec 01, 2021

Environmental, social, and governance (ESG) has become an area of increasing focus. The demand by investors, regulators, and other users (stakeholders) for information about the effects of ESG-related matters on entities and their financial reporting has grown dramatically.

Joint report on Fraud, Going Concern and the Expectation Gap in Audit

Nov 30, 2021

The audit expectation gap – what financial statement users expect from the auditor and the audit versus the reality of what an audit is – continues to be an issue of growing importance for many stakeholders around the world.

Monitoring Inflation in Certain Countries

Nov 06, 2021

This report provides a framework for compiling inflation data to assist registrants in monitoring inflation statistics in connection with their determination of the inflationary status of countries in which they have operations.

2020 IAASB Handbook of international quality control, auditing, review, other assurance, and related services pronouncements

Sep 30, 2021

The IAASB has released the 2020 Handbook of International Quality Control, Auditing, Review, Other Assurance, and Related Services Pronouncements.

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Related Publications

The Value of High-Quality Audits and the Importance of Funding an Independent Multi-stakeholder International Standard-setting Structure

CPAB Regulatory Oversight Report: 2021 Annual Inspections Results

2021 Annual Report: Enhancing confidence in Canada’s public company audits

Auditing Considerations Related to the Invasion of Ukraine

Client-Continuance, Auditing, Accounting, and Disclosure Considerations Arising from the Events in Ukraine

2021 Conversations with Audit Committee Chairs

ISA 220 First-time Implementation Guide

Audit Committee Practices Report; Common Threads Across Audit Committees

Considerations of ESG-related matters in an audit of financial statements

Joint report on Fraud, Going Concern and the Expectation Gap in Audit

Monitoring Inflation in Certain Countries

2020 IAASB Handbook of international quality control, auditing, review, other assurance, and related services pronouncements

Correction list for hyphenation