The Canadian Public Accountability Board — the industry group charged with watching over the accountants who audit Canada's public companies — is wrought with conflicts of interest, lacks transparency and is vulnerable to pressure from the very industry it is supposed to regulate. At least, that's the opinion of the authors of a report recently published earlier by the Vancouver-based Fraser Institute. The best way to rectify the situation, according to the authors, is for the Canadian government to take a more active hand in overseeing the way accountants do their job.
Calling on the government to take a more aggressive role in watching over accountants is nothing new; there has been a fair bit of it since the collapse of Enron, Arthur Anderson and the passage of Sarbanes Oxley legislation in the U.S. But the fact the latest recommendations are coming from the normally laissez-faire Fraser Institute is enough to make you think twice.
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