The Canadian Public Accountability Board (CPAB) released its 2025 annual report, outlining inspection results and progress in implementing its expanded public disclosures initiative, including the start of public, firm-specific inspection reporting. CPAB inspected 120 audit files in 2025 and identified significant findings in 23% of files, compared with 24% in 2024 and 34% in 2023, with a noted decrease in findings at many smaller Canadian audit firms. As a milestone in the disclosures project, CPAB began publishing individual firm inspection reports for inspections conducted after March 24, 2025 and launched a Regulatory Reporting webpage covering the expanded disclosures, audit committee protocols and access to firm-specific reports. The report also highlights increased use of artificial intelligence-enabled tools in audits and notes that firms will need to address additional risks and implement practices to support responsible and effective use.
Canadian Public Accountability Board 2026-03-31
Canadian Public Accountability Board reports improved 2025 inspection results and starts publishing firm-specific inspection reports
The Canadian Public Accountability Board’s 2025 annual report details inspection results and progress on expanded public disclosures, including public, firm-specific inspection reporting. CPAB inspected 120 audit files and found significant findings in 23% of cases, down from 24% in 2024 and 34% in 2023, with improvements at many smaller firms. It also launched a Regulatory Reporting webpage for expanded disclosures and firm-specific reports. The report notes growing use of artificial intelligence-enabled tools in audits and stresses the need to manage related risks and adopt responsible, effective practices.