Audit Firms Turn To Virtual Data Rooms To Help Improve Audit Process
Disappointing results from a recent inspection report by the Canadian Public Accountability Board (CPAB) are driving audit firms to find new solutions that challenge the traditional audit process.
The CPAB, which oversees the work of Canadian audit firms, said it was “disappointed” in the progress being made on improving audit quality. Its concerns were directed toward both smaller regional firms and the “Big Four” national accounting firms, which audit about 94% of Canada’s publicly traded companies by market size. CPAB found deficiencies between 20 -26% of the audit files it reviewed at the Big Four firms and 47% of the audit files it reviewed from 10 smaller firms.