2014-01-20 CPAB proposal for transparency to audit committees

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Following discussion with a number of stakeholders, including findings from the CICA's workstreams on Enhancing Audit Quality, CPAB has proposed a protocol for sharing of inspection results with clients. In brief, auditors would advise audit committees when the audit of their company's financial statements has been inspected by CPAB, and then report the results of the inspection including the details of any significant audit deficiencies that were identified. As well, auditors would discuss CPAB's annual report on the findings from all of its inspections. We are supportive of CPAB's proposal which is responsive to information requests from directors and which strikes an appropriate balance between transparency and confidentiality.

CPAB's proposal and our response are attached.

We will provide detailed guidance to engagement teams once the proposal is finalized.

Protocol for Audit Firm Communication of CPAB Inspection Findings (665 KB)
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PwC response to CPAB draft protocol (87.1 KB)
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