The Canadian Public Accountability Board (CPAB) released its 2025 annual report, outlining inspection results and progress in implementing its expanded public disclosures initiative, including the start of public, firm-specific inspection reporting. CPAB inspected 120 audit files in 2025 and identified significant findings in 23% of files, compared with 24% in 2024 and 34% in 2023, with a noted decrease in findings at many smaller Canadian audit firms. As a milestone in the disclosures project, CPAB began publishing individual firm inspection reports for inspections conducted after March 24, 2025 and launched a Regulatory Reporting webpage covering the expanded disclosures, audit committee protocols and access to firm-specific reports. The report also highlights increased use of artificial intelligence-enabled tools in audits and notes that firms will need to address additional risks and implement practices to support responsible and effective use.
Canadian Public Accountability Board reports improved 2025 inspection results and starts publishing firm-specific inspection reports
The Canadian Public Accountability Board’s 2025 annual report details inspection results and progress on expanded public disclosures, including public, firm-specific inspection reporting. CPAB inspected 120 audit files and found significant findings in 23% of cases, down from 24% in 2024 and 34% in 2023, with improvements at many smaller firms. It also launched a Regulatory Reporting webpage for expanded disclosures and firm-specific reports. The report notes growing use of artificial intelligence-enabled tools in audits and stresses the need to manage related risks and adopt responsible, effective practices.