CPABC in Focus September/ October 2015 | Page 28

CPAB’s Role and the Future of Auditing in Canada By Brian Hunt, FCPA, FCA, ICD.D Note to readers: The following is based on a speech Brian Hunt presented at the Accounting Educators’ Symposium in May 2015. T he audit industry and the professionals in it will experience more change in the next five to 10 years than they have in the last 50. We are on the verge of a transformation in the way audits are performed, and in the skills required to perform them. We must ask ourselves if we’re ready for that future. Then the follow-up question is: What role will academics and educators have in helping with this transformation? And are we identifying the right competencies that will mould our next leaders right now? Established as Canada’s audit regulator in 2003, the Canadian Public Accountability Board (CPAB) is here to protect the investing public and help enhance confidence and stability in Canada’s capital markets. We work to ensure that quality audits are delivered on a consistent basis. We’ve already come a long way. Audit quality in Canada has improved over the past 12 years, and we believe CPAB has been instrumental in this advancement. However, the audit industry is changing and will continue to do so, and we predict that there will be a shift in how audit work is delivered and in the skills and training that will be required to adapt to these changes. Many of the changes will improve audit quality; others, if not managed properly, could have a negative impact. SINGLETON URQUHART LLP Innovative Legal Solutions for the Engineering Industry L E S I N G L ET O N G A L C O U N S U R Q U H A RT E L AREAS OF PRACTICE ALTERNATE DISPUTE RESOLUTION ENVIRONMENTAL LAW BUSINESS LAW ESTATE PLANNING & ADMINISTRATION CIVIL FRAUD IMMIGRATION LAW COMMERCIAL LITIGATION INSURANCE LAW COMMERCIAL PROPERTY LAW PROFESSIONAL LIABILITY CONSTRUCTION LAW WORKPLACE LAW 28  CPABC in Focus • Sept/Oct 2015 Singleton Urquhart LLP 1200-925 West Georgia Street Vancouver, BC V6C 3L2 T 604 682 7474 l F 604 682 1283 Toll Free 1 877 682 4404 www.singleton.com l [email protected] The accounting and auditing profession is not known to evolve rapidly—in many ways, we operate in 2015 just like we did in 1965— but there are some transformative changes on the way that could have a huge impact on the industry. Among them: the increasing mentality that the audit process is a “commodity,” where price is the biggest factor in determining the hiring of one firm over ano \