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In the five years since CPAB was created, it has no doubt helped audit firms operate at a stronger level. But is there room for improvement? Yes

THE FINANCIAL SCANDALS AT SUCH FIRMS AS ENRON, WorldCom and Nortel hit the accounting profession like a thunderbolt out of the blue and precipitated the incorporation of the Canadian Public Accountability Board (CPAB) in 2003. The organization was designed to "contribute to public confidence in the integrity of financial reporting of public companies in Canada by promoting high-quality, independent auditing." Five years on, Keith Boocock, CEO of the independent auditor oversight board, says there is still a lot of room for improvement in the audits ...

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