Auditor Independence Peter Mills

Background

• Reforming the audit process has not been widely debated in Canada
• Canada is not immune to what is taking place globally
• Important that Canada’s audit process and audit quality are consistent and comparable internationally since
• Many Canadian entities now operating in an international environment
• Canada needs to be a good place to invest

Background

• Canadian Public Accountability Board (CPAB) held an audit symposium
• December 2011
• policymakers decided it was important to forge a Canadian perspective
• CPAB and CICA* formed a joint initiative - “Enhancing Audit Quality”
• Representatives from
• securities and audit regulators
• institutional investors/ financial institutions
• audit committee chairs
• lawyers
• Auditing and Assurance Standards Oversight Council (AASOC)

*Canadian Institute of Chartered Accountants

Background

• “Enhancing Audit Quality Initiative”
• Oversight by a Steering Committee
• Released an overarching paper (initiative overview) August 2012
• Formed three groups:

Working Group	Discussion Paper	Deadline for Comment Period
Auditor Reporting Model	August 31, 2012	October 12, 2012
Auditor Independence	September 27, 2012	November 16, 2012
Role of the Audit Committee	Not yet released	Not yet released

Working Group Members

• Peter W. Mills, QC, B.Comm, JD, ICD.D, Corporate Director, Toronto (Chair)
• William R. Bruschett, FCA, Grant Thornton, LLP, Toronto
• Patrick G. Crowley, CA, ICD.D, Executive Vice President & Chief Financial Officer, OMERS, Toronto
• Gary B. Hannaford, FCA, Institute of Chartered Accountants of Manitoba, Winnipeg
• Jane E. Kinney, FCA, Deloitte, LLP, Toronto
• Andrew J. Kriegler, former SVP & Treasurer, The Canadian Imperial Bank of Commerce (CIBC), Toronto
• Paul R. Weiss, FCA, Corporate Director, Toronto