The Future of Expanded Reporting
On Tuesday, December 9, 2014 a group of Canadian audit committee members and corporate directors met in Toronto to discuss the proposed changes to auditor reporting requirements.
There is a clear signal from stakeholders around the world that the auditor's report needs to be more informative and transparent, and should also go beyond the traditional pass/fail model. Currently, there is no final standard in place in Canada for expanded auditor reporting; however, the Auditing and Assurance Standards Board (AASB) in Canada is taking a keen interest in the developments happening around the world. In addition to auditor reporting, the session touched on the top audit trends that audit committees should be paying particular attention to in the coming year.
The roundtable was hosted by a diverse panel that included Karyn Brooks, Chair of the Canadian Performance Reporting Board and former SVP & Controller at BCE; Richard M. (Dick) Freeborough, FCA, Chairman of the Board at Foresters, Audit Committee Chair of the Economical Insurance Group of Companies and RGA Life Reinsurance Company of Canada and Chair of the Board of Governors at the University of Guelph; and Axel Thesberg, Audit Committee Chair and Senior Advisor to CPA Canada.
Related Roundtable Resources: