The Canadian Public Accountability Board issued another report this week, and sugarcoated as it was, it revealed some familiar north-of the-border auditing issues for the Big Four.

The CPAB, Canada's answer to the U.S. Public Company Accounting Oversight Board, is required to submit at least one public report annually. Its first, released in October 2004, focused more generally on the work the Big Four accounting firms were doing. The second report was based on the inspection of 23 public accounting firms, which collectively audit more than 5,500 public companies, about 80 percent of Canada's public companies.

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