Media Advisory - Canadian Public Accountability Board to Release Fifth Public Report on Canadian audit firm inspections at February 29, 2008 Briefing

    TORONTO, Feb. 25 /CNW/ - The Canadian Public Accountability Board (CPAB)
will release its Fifth Public Report at a technical briefing for members of
the media at the CPAB offices on Friday, February 29, 2008 at 9:30 a.m. There
will be a conference call for members of the media outside the 416 area.
    Copies of the Fifth Public Report, along with supporting material will be
available on-site, and on-line at thirty minutes prior to the
beginning of the media technical briefing.
    The briefing will be lead by Gordon Thiessen, Board Chair of CPAB and
Keith Boocock, CEO of CPAB.

    WHERE:    Canadian Public Accountability Board
              Boardroom, Second Floor, 150 York Street West,
              Toronto, Ontario

    TIME:     9:30 a.m.


Public Report are as follows: Toronto - March 17; Calgary - March 18;
Vancouver - March 19; Edmonton - March 20; Montreal - March 26. To confirm
your attendance please go to and complete online registration

    Background: In July 2002, Federal and provincial financial and securities
regulators, as well as Canada's chartered accountants, announced the creation
of the CPAB, an independent public oversight system for accountants and
accounting firms that audit reporting issuers.
    Incorporated in April 2003, the Canadian Public Accountability Board is
an independent oversight board with a mission to contribute to public
confidence in the integrity of financial reporting of reporting issuers by
promoting high quality, independent auditing. It is responsible for
implementing an oversight program that includes regular and rigorous
inspections of the auditors of Canada's public companies and recommending
changes to standards and practices in the area of public company audits.
    Through CPAB, the quality of the audit process in public companies in
Canada continues to be enhanced. The CPAB inspects audit firms and reviews
adherence to standards applicable to public company auditors, imposes
penalties directly on audit firms and refers disciplinary matters to the
relevant provincial institute or association of professional accountants. The
CPAB also makes recommendations on accounting standards, assurance standards,
rules of professional conduct, and governance practices to the relevant
professional institute or standard-setting bodies. In addition, the CPAB works
closely with the Public Company Accounting Oversight Board, a U.S. auditor
oversight body, to develop a system of mutual reliance in the oversight of
public company auditors. The CPAB is also a founding member of The
International Forum of Independent Regulators (IFIAR) which is a group of
oversight bodies, representing 22 countries, developing protocols to increase
the effective and efficient conduct of audit inspections internationally.

For further information:

For further information: Victoria Ollers, (416) 822-2288 or; Paul Tyler, (416) 254-0698 or

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