Auditor Independence Peter Mills

Auditor Independence

Peter Mills

Melissa Langlois

December 11, 2012

Disclaimer

• The following are solely the views of the Auditor Independence Working Group (Working Group).
• The Working Group continues to engage in stakeholder outreach and consultation in order to consider the Canadian perspective.
• A final paper is anticipated in early 2013.

Agenda

Further information on the Enhancing Audit Quality initiative can be found at:

www.cica.ca/enhancing-audit-quality-canadian-perspective/item64401.aspx

Discussion Item	Slide
Background	4-7
Working group members	8
The Canadian Environment	9-11
Enhancing Audit Quality - Objectives	12
Auditor Independence – Project Objectives & Guiding Principles	13-14
A Continuum of Alternatives Mandatory Comprehensive Review	15-17 18-19
Other Proposals - Non-audit Services, Audit-only Firms, Joint Audits	20-22
Update on the Process	23-24
Questions	25

Background

• Questions raised about the auditors’ role after the 2008 financial crisis
• Resulted in various global initiatives
• Canada weathered the crisis well
• No financial system failures in Canada
• Canada already has a commitment to:
• regulatory oversight
• high-quality accounting and auditing standards
• audit committee best practices