Enhancing audit quality initiative: Overview

Learn how the Enhancing Audit Quality (EAQ) initiative contributed an important, Canadian perspective to domestic and international efforts to improve audit quality.

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In response to the financial crisis of 2008-09, several international initiatives were launched to find ways to improve audit quality. It was imperative for Canadian auditing stakeholders to consider the issues and add their voices to the discussions on enhancing audit quality, since many Canadian organizations operate internationally.

Chartered Professional Accountants of Canada (CPA Canada) and the Canadian Public Accountability Board (CPAB) collaborated on the comprehensive EAQ initiative to gain stakeholder input on emerging issues with respect to enhancing audit quality globally, and the impact on Canada.

Our document, Enhancing Audit Quality: Canadian Perspectives — Initiative Overview is an informative primer on the EAQ initiative.

You will learn about:

  • global initiatives and proposals on enhancing audit quality and their drawbacks for the Canadian business environment
  • the Canadian framework for addressing improved audit quality process which grew out of the CPAB audit quality symposium in December 2011
  • how three working groups address the priority areas of auditor independence, auditor reporting and the role of the audit committee
  • the scope of the consultation process and the timing for reporting on findings