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The mission of the CPAB, which was announced in 2002, is to contribute to public confidence in the integrity of financial reporting of Canadian public companies by promoting high quality, independent auditing. The improved system, which will ensure both independence and transparency, means that auditors of Canada's publicly listed companies will undergo more frequent and rigorous inspections, conducted by the independent agency.
The five-member Council of Governors is made up of the:
- Chair of the Canadian Securities Administrators (who is currently the Chair of the British Columbia Securities Commission);
- Chairs of two provincial securities commissions (the Ontario Securities Commission and the Commission des valeurs mobilières du Québec;
- Superintendent of Financial Institutions of Canada; and
- President and CEO of the Canadian Institute of Chartered Accountants (CICA)
The Council appoints the Chair and members of the Board. The Council will periodically review the effectiveness of the new system and can take appropriate action, as necessary, to improve its effectiveness.
The CPAB has 11 voting members. Seven members, including the Chair, are from outside the accounting profession.
Quick link to CPAB site:
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