Learn more about what the ASC is doing to support market participants and investors.
Under the Securities Act (Alberta), the ASC may recognize a person or company carrying on business as an auditor oversight organization. A recognized auditor oversight organization regulates the operations, standards of practice and business conduct of its participants (which are auditors of reporting issuers) to the extent that the operations, standards of practice and business conduct relate to the auditing or review of financial statements that are required to be filed pursuant to Alberta securities laws.
On July 22, 2022, the ASC recognized the Canadian Public Accountability Board (CPAB) as an auditor oversight organization. CPAB is an independent oversight body for public accounting firms that audit financial statements of reporting issuers. The purpose of CPAB’s oversight activities is to promote high quality external audits of reporting issuers. It is responsible for developing and implementing an oversight program that includes regular inspections of participating audit firms. CPAB’s primary means of assessing the quality of audits is through the inspection of selected high-risk sections of audit files and elements of a participating audit firm’s system of quality control.
Canadian Public Accountability Board (CPAB) Recognition Order