Like its U.S. counterparts, the Canadian Public Accountability Board says that the Big Four firms have more work to do in order to improve audit quality and consistently meet professional standards. It was the board's third public report on its continuing inspections of accounting firms."They have all made progress since we first inspected them in 2004, and each one has given us written commitments that the problems we identified in this round of inspections will be remedied," stated CPAB Chairman Gordon Thiessen.
The CPAB's third public report is based on inspections conducted in 2005 for Canada's four largest firms - Deloitte & Touche, Ernst & Young, KPMG and PricewaterhouseCoopers. The firms audit more than 4,000 public companies and other reporting issuers in Canada, representing about 63 percent of the total market share measured by number of clients, and more than 90 percent measured by market capitalization.
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