The Canadian Public Accountability Board (CPAB) issued a reminder to auditors on the requirements in Canadian Securities Regulators National Instrument 52-108 on access to significant component auditor working papers, after observing cases where these requirements were not fully met when significant component auditors were used. Under Section 7.2 of NI 52-108, reporting issuers must provide written notice to each significant component auditor confirming that CPAB is permitted to access any audit evidence retained by that auditor in support of the audit work performed, if requested. The notice must be delivered on or before the date of the auditor’s report and may be provided directly by the reporting issuer or indirectly through the auditor (for example, via an engagement letter). CPAB also reminded auditors to ensure significant component auditors understand the implications of not providing access or failing to sign a CPAB access agreement, including potential impacts on future audits and ineligibility to act as a significant component auditor in future audit work.
Canadian Public Accountability Board 2025-11-01
Canadian Public Accountability Board reminds auditors of NI 52-108 notice requirements to secure access to significant component auditor working papers
The Canadian Public Accountability Board (CPAB) reminded auditors of the requirements under Canadian Securities Regulators National Instrument 52-108 regarding access to significant component auditor working papers. CPAB emphasized the need for reporting issuers to provide written notice allowing CPAB access to audit evidence, highlighting the consequences of non-compliance, including future audit ineligibility.