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," said CPAB Chairman Gordon Thiessen, in a statement.

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