The Canadian Public Accountability Board (CPAB) has revealed a reduction in enforcement measures against Calgary-based firm PKF Antares Professional.

The firm is now allowed to take on new medium-risk reporting issuer audit clients, including those arising from initial public offerings (IPOs) and reverse takeovers.

However, CPAB’s recent enforcement action update states that PKF Antares remains barred from taking on new high-risk reporting issuer audit engagements.

This includes audits associated with initial public offerings, reverse takeovers, or similar transactions, as detailed in CPAB’s latest enforcement action update.

The firm has provided definitions of high-risk engagements that CPAB has approved.

Furthermore, the firm is still obligated to pay a financial assessment to cover the expenses related to monitoring its adherence to the enforcement measures.

The limitations placed on PKF Antares stemmed from three inspections carried out over the last five years.

However, the firm has been relieved from certain remedial actions concerning root cause analyses and audit quality action plans.

In addition, PKF Antares is no longer required to participate in professional education and training as part of the enforcement measures.

CPAB in a statement said:  “In the interest of improving audit quality at the firm, certain enforcement actions were imposed on the firm in 2023.

“In view of various factors, including the firm’s demonstrated commitment to, and improvement of, audit quality, and compliance with all enforcement actions and recommendations imposed in the prior year.

“Each enforcement action imposed on the firm shall continue until the firm has, to CPAB’s satisfaction, demonstrated a sustained improvement in audit quality or until the above noted enforcement actions are otherwise terminated pursuant to an application under Rule 605.”