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ARTICLE · 26 DECEMBER 2024

Public Accounting Regulator Expands Oversight Powers

Blake, Cassels & Graydon LLP
Blake, Cassels & Graydon LLP
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The Canadian Public Accountability Board (CPAB) recently amended its rules (Rules) applicable to accounting firms that participate in its oversight program.

CanadaAccounting and Audit
Sahil Kesar
Sahil Kesar
Bradley Berg
Bradley Berg
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The Canadian Public Accountability Board (CPAB) recently amended its rules (Rules) applicable to accounting firms that participate in its oversight program. This marks the first amendment to the Rules since they were introduced almost 20 years ago. Notably, the new Rules expand CPAB's investigatory and enforcement powers and include many administrative changes to bring the Rules up to date.

Expansion of Sanctions Jurisdiction

Previously, CPAB's enforcement role was limited to sanctions or restrictions arising out of issues identified concerning an audit. The Rules have now expanded to provide that such steps may be taken for "material noncompliance" with registration or participation requirements or for providing "materially incomplete or inaccurate information" to the CPAB.

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