Statement of Protocol: Canadian Public Accountability Board and ASIC
The Australian Securities and Investments Commission (ASIC) and the Canadian Public Accountability Board (CPAB) have entered into a protocol to cooperate in the oversight of auditors.
Given the global nature of capital markets, CPAB and ASIC recognize the need for mutual cooperation in carrying out their respective auditor oversight responsibilities. The Protocol contains procedures for the conduct of inspections, the exchange of auditor workpapers and inspection reports and other forms of cooperation as required. The Protocol envisages that audit inspections may be carried out jointly, thereby reducing the impact on the firms concerned.