The results of inspections conducted by Canada's audit regulator showed signs of improvement last year, but the risk of restatements remained too high at some firms, the Canadian Public Accountability Board said in a report released Monday.

Overall, CPAB's 2013 inspections indicate that audit methodologies at firms are generally sound and the majority of audits are well done. There were four restatements of financial statements (two per cent of files inspected) as a result of CPAB's inspections work in 2013.

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