TORONTO, Sept. 27, 2012 /CNW/ - Canadians are invited to comment on two
discussion papers focusing on international deliberations that could
affect a wide variety of stakeholders in Canada.
The Canadian Public Accountability Board (CPAB) and the Canadian
Institute of Chartered Accountants (CICA) launched the Enhancing Audit
Quality (EAQ) consultation initiative to gain broad Canadian
stakeholder input on international audit proposals.
"Canadians need to pay attention to the international discussions
because they have the potential to affect the sound financial system we
worked so hard to build," explains David Brown, chair of the EAQ
Steering Group. "With globalization, something that has an impact in
one market will likely be felt elsewhere."
Regulators, policy makers, and standard setters in Europe, the United
States and other jurisdictions are considering changes to improve
confidence in the financial system. Audit quality is among the topics
Brown, a Canadian lawyer and former chair of the Ontario Securities
Commission, heads the independent steering group overseeing the EAQ
consultation process. The steering body, made up of senior financial
leaders, provides direction to three working groups focusing on:
The role of the audit committee
Discussion papers on auditor reporting and auditor independence were
recently issued and are available for comment. A third paper focusing
on the role of audit committees will be published later this year.
"It is our hope that Canadians with a stake in our sound financial
system take the time to understand the issues and provide their
perspectives," says Brown. "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
Final 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 82,000 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) (CNW Group/Canadian Institute of Chartered Accountants)". Image available at: http://photos.newswire.ca/images/download/20120927_C2295_PHOTO_EN_18584.jpg
SOURCE: Canadian Institute of Chartered Accountants
For further information:
or to arrange an interview, contact:
Tobin Lambie, Manager, Media, CICA
Rachel Dao, Manager