The Canadian Centre for Audit Quality (CCAQ) has analyzed public company audit committee disclosures for companies in the Toronto Stock Exchange 60 (TSX 60) Index for fiscal periods ending in 2022 and 2023. This publication highlights the various audit committee disclosures made in the annual Management Proxy Circulars (or Management Information Circulars) regarding how an audit committee exercises their oversight responsibilities over the external auditor and overall audit quality, as well as how the audit committee communicates those oversight responsibility processes to their investors and other stakeholders.
This publication covers the breadth and detail of disclosure by audit committees regarding their assessment of the performance of the external auditor, fee negotiations and auditor independence, as well as whether the audit committee and broader board of directors have the skill set to address emerging issues, including sustainability trends and cyber security threats. This publication also provides users with leading disclosure examples for their consideration.
Please download the full report PDF below.