TORONTO, June 7, 2012 /CNW/ - Senior financial leaders are coming
together to ensure Canada has a voice in discussions on international
audit proposals that stem from the 2008 financial crisis.
This is being accomplished through the Enhancing Audit Quality (EAQ)
initiative, a collaborative undertaking of the Canadian Public
Accountability Board (CPAB) and the Canadian Institute of Chartered
Regulators, policy makers, and standard setters in Europe, the United
States and elsewhere are considering changes to improve confidence in
the financial system. A key aspect of the international discussions is
"Canada is not immune to audit proposals developed in other
jurisdictions so it is essential that Canadian stakeholders add their
perspectives to the global discussions," said Brian Hunt, CEO, CPAB.
"The EAQ initiative will provide an avenue for robust discussion on
various audit reform proposals being discussed internationally."
An independent steering group of leading Canadian stakeholders has been
established to ensure a transparent consultation process that serves
the public interest. Audit committees, standard setters, auditors,
institutional investors, banking and securities regulators, and
financial statement preparers are represented on the steering group.
It will provide direction to and oversight of three committees focusing
The role of the audit committee
"By collaborating on this initiative, CPAB and the CICA are ensuring
that a full spectrum of stakeholders is engaged for a broad, effective
consultation effort," said Kevin Dancey, president and CEO, CICA. "In
order to provide credible Canadian input to the audit quality
conversation, we need a clearer picture of stakeholder perspectives on
The EAQ Steering Group is chaired by David Brown, a leading Canadian
securities lawyer and former chair of the Ontario Securities
"Perspectives gained from the consultation process should provide useful
input for those who represent Canada internationally where audit
quality is discussed," stressed Brown. "These Canadian stakeholders
also will be able to consider the input collected as they follow their
own due process in establishing any new rules or standards."
Each working group will produce discussion papers for comment. Reports
reflecting the results of the consultation process will be produced and
made public with the EAQ initiative expected to be completed in 2013.
More information about the consultation process can be found online at www.cica.ca/enhancingauditquality
The Canadian Public Accountability Board (CPAB) is Canada's audit regulator, dedicated to protecting the investing
public's interests. CPAB regulates the auditors of Canadian public
companies through its national inspection program. CPAB's risk-based
inspection process focuses on key audit risks that could have the
greatest impact on audit quality. By promoting high-quality,
independent auditing, CPAB contributes to public confidence in the
integrity of financial reporting, which supports our capital markets.
Chartered Accountants (CAs) are Canada's most valued, internationally recognized profession of
leaders in senior management, advisory, financial, tax and assurance
roles. Through their integrity, expertise, and internationally
recognized qualification standards, Canada's 81,000 CAs sustain their
influence and leadership position both in Canada and globally. As
trusted business advisors to Canadian organizations of all sizes,
Canada's CAs foster confidence in Canadian business and contribute to
the health and sustainability of Canada's capital markets and economy.
The Canadian Institute of Chartered Accountants (CICA) represents
Canada's CA profession both nationally and internationally. The CICA
is a founding member of the International Federation of Accountants
(IFAC) and the Global Accounting Alliance (GAA).
Image with caption: "The Canadian Public Accountability Board and the Canadian Institute of Chartered Accountants have launched the Enhancing Audit Quality initiative. Perspectives gained through consultation will provide a clearer picture of Canadian stakeholder views on international audit reform proposals. (CNW Group/Canadian Institute of Chartered Accountants)". Image available at: http://photos.newswire.ca/images/download/20120607_C2151_PHOTO_EN_14105.jpg
SOURCE Canadian Institute of Chartered Accountants
For further information:
Tobin Lambie, Manager, Media
Rachel Dao, Manager