The Canadian Public Accountability Board published an interim public report on its 2025 audit quality assessment work to date, synthesising inspection findings and setting out considerations for public company audit committees ahead of year-end audit preparations. Themes from inspections so far cover the use of technology-assisted audit tools, weaknesses in identifying and responding to fraud risks, implementation issues related to the revised group audit standard for group financial statements, and assessing whether companies’ accounting policies are appropriate and aligned with financial reporting standards. The report also includes CPAB observations on artificial intelligence applications and their impact on the audit landscape, and encourages audit firms to share the report with audit committees to support discussions of findings and any remediation actions. CPAB plans to begin publishing individual firm public inspection reports in the first quarter of 2026 and will publish its final assessment of 2025 file inspections in March 2026.
Canadian Public Accountability Board 2025-10-23
Canadian Public Accountability Board issues interim 2025 audit inspections report and previews firm-level public reports from Q1 2026
The Canadian Public Accountability Board released an interim report on its 2025 audit quality assessment, highlighting inspection findings and considerations for public company audit committees. Key themes include technology-assisted audit tools, fraud risk management, group audit standard implementation, and accounting policy alignment. The report also discusses artificial intelligence's impact on audits and urges firms to share findings with committees.