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Enhancing Audit Quality (EAQ) Initiative 

Enhancing Audit Quality: Canadian Perspectives was a joint initiative of the Chartered Professional Accountants of Canada (formerly the CICA) to promote the enhancement of audit quality. The Enhancing Audit Quality (EAQ) initiative looked at enhancing quality by narrowing two significant gaps:

  1. the expectation gap that exists between investor expectations about the audit and what an audit actually is; and
  2. the information gap between what investors believe they should receive and what they actually receive from an auditor’s report on a set of financial statements. 


Three interrelated areas were identified as areas of focus on this initiative: 

  1. auditor independence; 
  2. auditor reporting; and 
  3. audit committees. 

 

A Steering Group and three working groups were set up to address these priority areas. Each working group created a discussion paper to share their views on global proposals in the context of the Canadian environment. More information on this initiative, including the discussion papers, is available in the Enhance Audit Quality section of the CPA Canada's website.

Short surveys on each area were conducted by CPA Ontario to gather your views and below are the summary responses:

 

CPA Ontario contact: Ingrid Enhagen, CPA, CA