Canadian Public Accountability Board lifts PKF Antares ban on taking medium-risk reporting issuer audits while keeping high-risk restriction and monitoring conditions

The Canadian Public Accountability Board (CPAB) published an enforcement report on PKF Antares Professional Corporation, Chartered Professional Accountants following its 2024 inspection, concluding that no significant inspection findings were identified on the reporting issuer audit file reviewed. Based on the improved results and the firm’s compliance with prior requirements, CPAB removed restrictions and terminated several remediation measures imposed after the 2023 inspection. CPAB lifted the prohibition on accepting new medium-risk reporting issuer audit clients and terminated requirements to complete a detailed root cause analysis and audit quality action plan and to engage an external party to provide professional education and training on specified auditing and accounting topics. However, CPAB continued the prohibition on accepting new high-risk reporting issuer audit engagements and maintained ongoing requirements, including an external review of all existing high-risk reporting issuer audits and at least 25% of existing medium-risk reporting issuer audits before audit reports are issued, as well as a monetary assessment to recover the costs of CPAB’s monitoring. The remaining enforcement actions will stay in place until PKF Antares demonstrates sustained audit quality improvement to CPAB’s satisfaction or until they are terminated following an application under CPAB Rule 605.