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CPAB – Request for comment on the Canadian Public Accountability Board’s proposed rule changes

Letter Summary:

CPAB launched a public consultation to gather feedback on proposed information disclosure rule changes. In 2021, CPAB launched an initial consultation on potential changes to the information that they disclose about the results of their regulatory assessments. CPAB took the received feedback into account and published recommendations on changes to their approach to information disclosure, which were implemented in a phased approach beginning January 2023. The current public consultation is focused on the next phase of their recommendations, which involves changes to the rules that govern CPAB.   

Overview of the Council’s Comments:

CPAB launched a public consultation to gather feedback on proposed information disclosure rule changes. 

We strongly support the changes contained in the Proposal aimed at increasing regulatory transparency with respect to issues found in CPAB’s review of audits conducted by participating audit firms. Integrity and reliability of audit is foundational to the integrity of and confidence in Canadian capital markets. Information relevant to the work of audit firms trusted with reviewing the financial statements of Canadian public issuers is of great interest to the governing bodies of those issuers, their shareholders, and more widely to various stakeholders in Canada. Ensuring the integrity, consistency and aptitude of the firms conducting those audits and the audits themselves is therefore of the utmost importance.