Background - Reforming the audit process has not been widely debated in Canada
- Canada is not immune to what is taking place globally
- Important that Canada’s audit process and audit quality are consistent and comparable internationally since
Background - Canadian Public Accountability Board (CPAB) held an audit symposium
- December 2011
- policymakers decided it was important to forge a Canadian perspective
- CPAB and CICA* formed a joint initiative - “Enhancing Audit Quality”
- Representatives from
- securities and audit regulators
- institutional investors/ financial institutions
- audit committee chairs
- lawyers
- Auditing and Assurance Standards Oversight Council (AASOC)
*Canadian Institute of Chartered Accountants Background - “Enhancing Audit Quality Initiative”
- Oversight by a Steering Committee
- Released an overarching paper (initiative overview) August 2012
- Formed three groups:
Working Group
|
Discussion Paper
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Deadline for Comment Period
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Auditor Reporting Model
|
August 31, 2012
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October 12, 2012
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Auditor Independence
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September 27, 2012
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November 16, 2012
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Role of the Audit Committee
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Not yet released
|
Not yet released
| Working Group Members - Peter W. Mills, QC, B.Comm, JD, ICD.D, Corporate Director, Toronto (Chair)
- William R. Bruschett, FCA, Grant Thornton, LLP, Toronto
- Patrick G. Crowley, CA, ICD.D, Executive Vice President & Chief Financial Officer, OMERS, Toronto
- Gary B. Hannaford, FCA, Institute of Chartered Accountants of Manitoba, Winnipeg
- Jane E. Kinney, FCA, Deloitte, LLP, Toronto
- Andrew J. Kriegler, former SVP & Treasurer, The Canadian Imperial Bank of Commerce (CIBC), Toronto
- Paul R. Weiss, FCA, Corporate Director, Toronto
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