MNP Comment Letter Enhancing Audit Quality in the Public Interest A Focus on Professional Skepticism, Quality Control and Group Audits Invitation to Comment (Canadian)

Category: Assurance

MNP Comment Letter Enhancing Audit Quality in the Public Interest A Focus on Professional Skepticism, Quality Control and Group Audits Invitation to Comment (Canadian)

Excerpt

Overall, we agree with the issues outlined by the IAASB in the context of improving audit quality. We believe, however, the Canadian environment is unique whereby many of the significant public entities in Canada would be considered small or medium-sized from a global perspective. Recommendations to improve professional skepticism, quality control, and group audits based on comments received from institutional investors or other large users of the financial statements of global or multi-national companies, may be challenging to apply to small entities in Canada, as well as unnecessary in the context of a small audit environment.

Response letter to AASB re. Audit Quality - PS, QC, and Group Audits

Contact a member of MNP's Financial Reporting Team

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.