We believe that what we are doing to continuously improve audit quality, how we identify and mitigate risk, and how we maintain our independence as auditors should be transparent to stakeholders.
The execution of high-quality audits with independence, integrity, objectivity and professional skepticism is central to serving the public interest and is a top priority for EY Canada and the EY Global organization. High-quality audits build trust and confidence in capital markets, which drives investment and economic growth, creating long-term value for society.
Companies, regulators and other stakeholders count on us to deliver high-quality audits, and to support this, we are committed to continuous improvement and providing an environment in which auditors can thrive. This includes recruiting, developing and retaining talented people and nurturing their careers, embracing innovation, encouraging simplification and critically evaluating the work of audit teams to identify areas for improvement. At EY Canada, our reputation is based on and grounded in providing high-quality professional audit services.
We embrace the transparency objectives of the European Union’s Regulation 537/2014 (Regulation), which requires Canadian statutory auditors of public interest entities (PIEs) to publish annual transparency reports. The EY Canada Transparency Report 2023 complies with the Regulation and covers the fiscal year ended June 30, 2023, as well as any more recent relevant events.
This report highlights how we have implemented the International Standard on Quality Management 1 (ISQM 1) to drive further audit quality improvements. The new standard, which became effective 15 December 2022, requires audit firms to design, implement and monitor a system of quality management. EY Canada performed its first annual evaluation as of 30 June 2023 and concluded that the System of Quality Management provides reasonable assurance that the system’s objectives are being achieved. You can find more detail on this evaluation in the System of Quality Management section of the PDF report.
We encourage all our stakeholders — including clients and their investors, audit committee members, and regulators — to continue to engage with us on the matters covered here and in the audit quality report.
