The Canadian Public Accountability Board released a second report on its inspections of accounting firms, finding that accounting firms need to enhance existing auditing practices.
According to the board, most firms need to enhance existing practices, though a small number of firms have a more urgent need to make substantial improvements to their internal controls, their tendency to accept clients that pose an unacceptable risk, their failure to implement new auditor independence rules, and to provide better training on current accounting and auditing rules.
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