Canadian Regulators and Auditors Converge to Address Audit Quality Risks
Event summary
- OSFI, CPAB, and CSA co-hosted a roundtable on May 4, 2026, with senior representatives from audit firms, accounting bodies, and regulators.
- Discussions focused on emerging risks, AI, governance, fraud, and financial statement disclosures.
- Key themes included regulatory coordination, technological advancements, and strengthening public trust in financial reporting.
- Participants emphasized the role of auditors in maintaining integrity amid heightened uncertainty.
The big picture
The roundtable highlights the growing complexity of risks facing Canada's financial reporting ecosystem, from technological disruptions to geopolitical tensions. As audit firms and regulators adapt to these challenges, the focus on governance, ethics, and clear disclosures will be critical to maintaining market confidence. The event underscores the need for sustained collaboration to navigate an increasingly dynamic risk environment.
What we're watching
- Technological Risks
- How rapid advancements in AI will reshape audit quality and decision-making processes.
- Regulatory Coordination
- Whether continued collaboration between regulators and audit firms can sustain high-quality audits.
- Fraud Prevention
- The pace at which organizations adopt technology-driven fraud detection strategies.
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