In 2021, Canadian auditor departures increased by 68.3%. Throughout the year, 387 departures occurred, compared to 230 departures seen in 2020. The percentage of departures classified as resignations saw a slight increase, with 25% of auditor departures attributed to resignations in … Continue reading
Category Archives: Canada (SEDAR)
Climate Change in Audit Matters
The effects of climate change, and the accompanying disclosures, have risen to the forefront of the conversation for public companies. For example, in the US, the SEC has begun issuing climate-change-related comment letters. There are a variety of impacts that … Continue reading
Going Concern Trends in Canada
More than half of Canadian companies received a going concern opinion (GCO) in 2020. Canada’s CAS 570, which requires the auditor to assess and report on management’s use of the going concern assumption, became effective for periods ending on or … Continue reading
Trends in 2020 Canadian KAMs
The initiative to include key audit matters (KAMs) in auditor reports is a part of the global push for corporate and auditor transparency. In Canada, CAS 701 requires auditors to communicate KAMs in the auditor’s report. For companies listed on … Continue reading
Financial Restatements in Canada: Fifteen-Year Trends
We continue our review of financial reporting quality this week by looking at trends in financial restatements in Canada. The number of financial restatements in Canada has been relatively consistent over the past five years. There were 144 restatements in … Continue reading
Auditor Changes in Canada During First Half of 2021
Note: All amounts stated are in Canadian dollars Throughout the first half of 2021, there were 142 new audit engagements and 145 departures among audit firms in Canada. Of these auditor changes, 27 accounting firms posted a net gain in new … Continue reading
Auditor Changes in Canada: 2020
Note: All amounts stated are in Canadian dollars In 2020, Canadian auditor departures decreased by 31.9%, with 230 departures observed throughout the year, compared to 338 departures seen in 2019. The percentage of resignations saw a break in the trend, with … Continue reading