The critical roles of audit committees in overseeing the external auditor and in contributing to audit quality and integrity of financial reporting have been restrained by the failure of the Canadian Public Accountability Board (CPAB) to permit the disclosure of its inspection findings of external auditors to audit committees. Audit committees should have the legal right to receive CPAB’s inspection findings from their external audit firms in order effectively to oversee their external auditors and to evaluate the quality of the audit of their financial statements.

Full Document | Email This Post |  Print This Post

The Canadian Public Accountability Board (CPAB), Canada’s national audit regulator, and the audit firms the CPAB inspects, enjoy limited supervision by and accountability to the Canadian Securities Administrators. There is an undue lack of transparency of CPAB’s inspection findings of audit firms, which has resulted in a failure to achieve an enhanced degree of public confidence in the integrity of financial reporting in Canada that is fundamental to the effective operation of its capital markets. The supervision, accountability and transparency of the CPAB need to be reviewed by the Canadian Securities Administrators and the Ontario Securities Commission.

Full Document | Email This Post |  Print This Post

Letter to the Canadian Securities Administrators in response to request for comments on proposed amendments to Form 51-102F6 “Statement of Executive Compensation”, including recommendations for disclosure concerning executive compensation clawbacks, discretionary compensation awards by boards, compensation governance, compensation committee members’ relationships and compensation advisor services.

Full Document | Comments | Email This Post |  Print This Post