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“Canadian watchdog reports unacceptably high audit problem rates.”

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TLDR:

Canadian audit watchdog reports unacceptably high levels of audit problems in 2023, with 34% of inspected files showing significant flaws, the highest level since 2019.

Audit Problems ‘Unacceptably High,’ Canadian Watchdog Says

According to the Canadian Public Accountability Board, there has been an increase in significant audit problems in Canadian firms in 2023 compared to previous years. The annual report published by the watchdog highlighted that 34% of the 130 audit files inspected showed major issues, a slight increase from the previous year.

The report also noted that two Big Four firms were among those falling short of audit quality targets. This raises concerns about the reliability of financial reporting within Canadian businesses. The watchdog plans to use regulatory tools to improve quality in the future.

It is important for firms to address these audit problems promptly and effectively to ensure accurate financial reporting and maintain investor trust. Failure to do so can result in legal and financial consequences.

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