Audit quality

CPA Canada’s Audit Quality Blog is designed to create an exchange of ideas on global audit quality developments and issues, and their impact in Canada.

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The IAASB recently unveiled its Quality Management Approach to strengthen consistency of audit quality across a firm’s audit base. While this risk-based approach looks promising, Canadian practitioners should proactively consider issues that may arise.

The AASB road-tested the IAASB’s proposed revisions to ISA 540. This exercise proved invaluable in that the AASB were able to identify both implementation challenges and areas that might require more guidance.

Canada’s audit profession continues to transform in response to market changes, and, in so doing, sends a clear signal of its commitment to enhancing quality in the public interest.

The IAASB is looking to make changes to ISA 315, but what will this mean for the current audit risk model? Most importantly, will it be scalable to the smaller and medium-sized entities?

The PCAOB’s recent re-proposal provides a good indication of the future direction of U.S. auditor reporting standards, giving Canadian stakeholders a clearer understanding of what they need to prepare for as it relates to dual-listed companies.

Canadian stakeholders firmly voiced their opinion on the IAASB’s Invitation to Comment (ITC) on Enhancing Audit Quality in the Public Interest; it’s important that this dialogue continue with the AASB as key standards get revised.

Concerns about the application of professional skepticism in audits continue. Will strengthening our ethical principles or demonstrating how professional judgment was applied help make the difference?

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?

How are audit committees faring in their auditor assessment efforts? Are they effectively making use of the EAQ practical guidance? One year on, hear what CPA Canada’s Eric Turner and audit expert Axel Thesberg have to say about Canada’s progress, and what’s next.

Looking for ways to transform your audit into a value-driven asset for the organization? Eric Turner, principal, Auditing and Assurance Standards, shares his thoughts on where you can begin.

This blog post considers whether Canadian audit committees should be more transparent about their activities. If so, what are the challenges to greater disclosure and what’s needed to overcome them? If not, why not?

Citing concerns that regulatory arrangements in different jurisdictions allowed multi-national organizations to engage in regulatory arbitrage during the financial crisis, the International Federation of Accountants (IFAC) is calling on global policymakers to promote and enact global regulatory consistency and evidence-based regulatory reform.

When it comes to who is responsible for deterring and detecting fraud, management, audit committees, internal and external auditors don’t always seem to know “who’s on deck.”

As proposals are developed to enhance the role of audit, the primary goal is to improve “audit quality.” But audit quality can mean different things to different stakeholders.

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