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.
