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September 27, 2012

Canada launches consultation on audit quality

The Canadian Public Accountability Board (CPAB) and the Canadian Institute of Chartered Accountants (CICA) have launched a consultation on audit reform proposals.

CPAB and CICA said as many regulators, policy makers, and standard setters in other jurisdictions Canadians need to pay attention to the international discussions.

The consultation, Enhancing Audit Quality (EAQ), has created a steering group to focus on three subjects: the role of audit committees, auditor reporting and auditor independence.

“Canada must have a voice in the international discussions. We need input from more than our working groups if Canada’s views are to be accurately captured and to resonate internationally,” EAQ steering group chair David Brown said.

Brown, who is also the former chair of the Ontario Securities Commission, hoped that Canadians with a stake in the financial system take the time to provide their perspectives.

The final reports reflecting the results of the consultation process are expected to be published by 2013.

 

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