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The audit world has seen a number of positive developments this year in support of enhancing audit quality, but it’s ultimately up to us to determine what works best for our Canadian environment.

Canadian investors are keen on working with the AASB and other stakeholders to support the effective implementation of the impending new auditor reporting standards, highlighted at a recent session in Toronto.

Disclosing audit tenure is a good first step toward generating interest in the audit process. However, it must be complemented by comprehensive reviews to address the impact of auditor tenure on audit quality.

The continuous changes in audit process may signal a decline in the audit to many. Or is this a wonderful opportunity for audit professionals to band together, share best practices, and boost the profession and audit quality?

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