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• Risks impacting external audits.
• The role of governance and culture within an audit firm, particularly with regards to audit quality.
• Observations on the implementation of the new Canadian auditing standard on quality management systems.
• Fraud detection and prevention.
• Developments in sustainability and climate disclosure reporting standards and practices.
• Risks related to emerging technologies, including artificial intelligence.
• IFRS 17 Insurance Contracts implementation.

• An important element of maintaining confidence in Canada’s capital markets is the consistent execution of high-quality audits that maintain confidence in audited financial statements of Canadian reporting issuers. 
• Audit firms continue to invest time and resources in the design, implementation and operation of quality management systems that are foundational to audit quality and to achieving consistent execution. Audit firms must emphasize a firm culture where auditors are recognized and rewarded for prioritizing the public interest.
• The fraud risk landscape continues to evolve. Many firms are implementing or piloting new approaches including the use of technology and the increased utilization of forensic specialists to address these evolving risks. 
• Audit firms have begun to consider and address climate-related risks in their audit risk assessments of financial statements. There are opportunities to evolve the depth and consistency of these assessments.
• Increased use of emerging technologies create new opportunities to enhance audit quality but also introduce new risks. As digital innovations become increasingly sophisticated and complex, audit firms must be prepared to address the associated risks.
• A continuing shift in the risk environment may lead to increased risk in credit, liquidity and going concern issues. Sufficient consideration of the impact of these stressors is an important component of audit quality.

“Investor confidence in audited financial statements is fundamental to maintaining confidence in Canada’s capital markets. We are pleased to have the opportunity to bring together audit firms, standard setters and key capital market regulators to discuss current and emerging risks, and how to mitigate these risks in a coordinated manner.”

- Carol Paradine, CEO, CPAB

“High-quality external audits and proactive engagement between official sector agencies and auditors is vital in today’s uncertain risk landscape. We embrace opportunities like this roundtable to proactively address key risks to the quality of external audits, a discipline which contributes to the resilience of, and public confidence in, the Canadian financial system.”

- Peter Routledge, Superintendent, OSFI

“Financial reporting is a cornerstone of a strong capital market, and the CSA is committed to supporting and participating in important conversations that bring experts together to address the key issues and priorities influencing the integrity of financial statements in Canada.”

- Stan Magidson, CSA Chair and Chair & CEO of the Alberta Securities Commission