The rate of problematic audits is rising at Canada’s accounting firms, according to the industry’s national regulator.
In 2022, 13 audit firms were operating under CPAB enforcement actions for substantially all of the year, an increase from nine in 2021. CPAB picks some of each accounting firm’s audits for review based on its assessment of high-risk factors. These include complex or emerging companies such as cryptocurrency or cannabis, or areas in which the audit firm may lack some expertise.
The one Big Four firm with issues in 29 per cent of its files met the standard in 2021, CPAB says. Another firm that missed the target in both 2020 and in 2021 met the standard in 2022, and as a result, the remaining enforcement requirements placed on the firm were removed. Combining the Big Four with the other seven annually inspected firms yields a findings rate of 19 per cent, down from 25 per cent in 2021.
These outfits should hire based on merit instead of junk and identity.
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