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Quality control

THE COMMITMENT TO ENHANCE THE QUALITY OF ASSURANCE ENGAGEMENTS IS EVIDENT IN THE NEW STANDARDS

Thanks to recent corporate collapses, confidence in auditors has been shaken and questions have been raised about audit quality and the ability to rely on audits. This has led to initiatives to improve audit quality, including the profession's new independence rules and the establishment of the Canadian Public Accountability Board (CPAB) for oversight of those who audit the financial statements of public companies. In August 2004, the Auditing and Assurance Standards Board (AASB) also took action by issuing two new standards on quality control relating to audits and other assurance engagements.

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