and expertise. Major Canadian public companies must have fully independent and
financially literate audit committees; thus, the education and experience of all
committee members should be disclosed, so that investors can judge the committee’s
expertise. The third set of rules relates to the auditing process. To oversee the auditing
profession, Canada established the Canadian Public Accountability Board (CPAB).
Under the proposed auditing regulations, independent auditors are prohibited from
performing various non-audit services for their audit clients.