MNP Comment Letter – Enhancing Audit Quality: The Role of the Audit Committee in External Auditor Oversight Discussion Paper

Category: Assurance

MNP Comment Letter – Enhancing Audit Quality: The Role of the Audit Committee in External Auditor Oversight Discussion Paper


Overall, MNP supports the efforts of the audit committee working group (ACWG) in improving the communication between the audit committee and external auditor and its considerations of ways in which audit committees can assist in promoting audit quality. We believe that many audit committees are performing regular reviews of their external auditors, although we believe there are significant variations in the process undertaken by each audit committee in assessing and evaluating the external auditors. To assist in improving the process of both annual reviews and periodic comprehensive reviews, providing audit committees with guidance for best practices is essential in order to discharge their responsibilities. That being said, we do not believe it is necessary for the comprehensive review to form part of current securities legislation as the guidance is being developed to address best practices and should allow for self-scaling in relation to the size and complexity of an entity’s operations as identified in the paper.

Enhancing Audit Quality

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Michelle Balmer

Michelle Balmer CPA, CA

Vice President, Assurance

Michelle Balmer, CPA, CA, is a Senior Assurance Services Partner with MNP. With 14 years of experience in public practice, Michelle helps a broad range of public and privately held companies in a variety of industries. She also works on special projects, including costing studies, benchmarking and best-practice studies, operational analyses, litigation support and due diligence.

As a key member of MNP's Assurance team, Michelle has played an instrumental role in assurance policy development, implementing accounting and assurance standards firm-wide and educating assurance practitioners regarding methodologies and new pronouncements. She also provides technical advice and consultation on accounting and assurance issues, as well as on rules of professional conduct issues, to all MNP practitioners.

Michelle was certified a Chartered Accountant (CA) after obtaining a Bachelor of Commerce degree from the University of Alberta. She has been actively involved with the Institute of Chartered Accountants of Alberta, including the Chartered Accountants School of Business, in an instructional and marketing capacity. An avid volunteer, she has assisted numerous groups such as the Easter Seals of Alberta, Paralympic Sports Association and Junior Achievement of Northern Alberta.