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CPA Canada’s Audit Quality Blog is designed to create an exchange of ideas on global audit quality developments and issues, and their impact in Canada.

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The IAASB is initiating a project to explore challenges in auditing small and medium-sized entities (SMEs). Canadian auditors are encouraged to contribute to the consultation paper, expected later this year.

The IAASB recently unveiled its Quality Management Approach to strengthen consistency of audit quality across a firm’s audit base. While this risk-based approach looks promising, Canadian practitioners should proactively consider issues that may arise.

The AASB road-tested the IAASB’s proposed revisions to ISA 540. This exercise proved invaluable in that the AASB were able to identify both implementation challenges and areas that might require more guidance.

Canada’s audit profession continues to transform in response to market changes, and, in so doing, sends a clear signal of its commitment to enhancing quality in the public interest.

The IAASB is looking to make changes to ISA 315, but what will this mean for the current audit risk model? Most importantly, will it be scalable to the smaller and medium-sized entities?

The PCAOB’s recent re-proposal provides a good indication of the future direction of U.S. auditor reporting standards, giving Canadian stakeholders a clearer understanding of what they need to prepare for as it relates to dual-listed companies.

Canadian stakeholders firmly voiced their opinion on the IAASB’s Invitation to Comment (ITC) on Enhancing Audit Quality in the Public Interest; it’s important that this dialogue continue with the AASB as key standards get revised.

Concerns about the application of professional skepticism in audits continue. Will strengthening our ethical principles or demonstrating how professional judgment was applied help make the difference?

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