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Enhancing Audit Quality (EAQ) Initiative

The Canadian Institute of Chartered Accountants and the Canadian Public Accountability Board have joined together on an initiative to promote the enhancement of audit quality. The Enhancing Audit Quality (EAQ) initiative looks at enhancing quality by narrowing two significant gaps:
1) the expectation gap that exists between investor expectations about the audit and what an audit actually is; and
2) the information gap between what investors believe they should receive and what they actually receive from an auditor’s report on a set of financial statements. 

Three interrelated areas have been identified as areas of focus on this initiative: auditor independence; auditor reporting; and audit committees. A Steering Group and three working groups have been set up to address these priority areas. Each working group has created a discussion paper to share their views on global proposals in the context of the Canadian environment. More information on this initiative, including the discussion papers, is available in the Enhancing audit quality section of the CICA's website.

Short survey on each area were conducted by the Institute to gather your views. Summary responses are available in the "Related Items" area.

Institute contact: Ingrid Enhagen, CPA, CA