New CPAB Intiatives
In 2020 CPAB will focus on the following thought leadership initiatives:
Maintaining trust in corporate reporting
As a result of the 2019 Canadian Audit Quality Roundtable co-hosted by CPAB and the Office of the Superintendent of Financial Institutions (OSFI), together with representatives from Canada’s public accounting firms, CPA Canada, the Canadian Securities Administration and the Audit and Assurance Standards Board, action teams were created for four specific priority areas:
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Novel/emerging industries – identify emerging issues and assess risks and challenges from emerging industries or trends in the broader corporate reporting environment (including accounting, disclosure and auditing) in an agile and timely manner. |
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Fraud – explore what actions all relevant stakeholders including management, audit committees, auditors, standard setters, and regulators can take to better prevent and detect corporate fraud. |
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Going concern – explore what actions stakeholders can take to reduce “surprise” business failures, including assessing whether current standards (auditing, accounting, corporate reporting) are fit for purpose and whether incremental corporate disclosure, standards, procedures and education are required. |
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Professional skepticism – analyze barriers to auditor application of professional skepticism and develop an action plan to enhance professional skepticism in the Canadian audit environment. |
Impact of emerging technology on the audit
In 2020 we aim to share CPAB perspectives on the benefits, risks and challenges of emerging technology as it impacts the audit. Look out for communications on these thought leadership projects in the future.
Want to learn more or share a perspective on any of these projects? Contact CPAB at thoughtleadership@cpab-ccrc.ca.