No significant findings reported by Canadian audit watchdog in reports on four Vancouver-based accounting firms

VANCOUVER, B.C., June 21, 2026 – After several years of flawed audit engagements by accounting firms based in British Columbia, the Canadian Public Accountability Board has reported no issues found with audits conducted in 2025 by four accounting firms based in Vancouver. The Canadian audit watchdog’s recently released found no significant findings in the files of Davidson & Company LLP, D&H Group LLP, De Visser Gray LLP, and WDM Chartered Professional Accountants. 

Each of the four smaller-sized firms have one office in Vancouver, British Columbia. Davidson & Company is the largest of the four firms, auditing 459 public companies (“reporting issuers”), and with 17 “authorized signing individuals” (CPAs holding public accounting licences). WDM Chartered Professional Accountants is the smallest of the four firms, with 33 reporting issuer audit engagements and two authorized signing individuals. 

As reported by Canadian Accountant, accounting firms based in BC faced a rash of censures from CPAB in recent years, with five censures alone announced in 2023. The ensuing enforcement actions often restricted firms to accepting new audit clients of a lower risk nature. Nor were the sanctions limited to Canada alone. The Public Company Accounting Oversight Board in the United States found audits with multiple deficiencies and revoked the registration of one Vancouver-based accounting firm. 

All four firms get clean sheet from CPAB

As reported earlier this year, Davidson & Company LLP received a clean audit inspection report from the PCAOB, one year after being censured in Canada for violation of independence rules. The US audit watchdog found no deficiencies in three Davidson & Company audits and no concerns regarding independence. The firm continued its record in its Canadian audit inspection report for 2025. 

As the largest of the four firms, Davidson & Company had the highest number of files inspected (six), with no significant findings. CPAB focused mostly on the audit areas of business combinations, and revenue and related accounts. The firm was “pleased with our results, of no significant findings identified in the files selected for review. This is consistent with our ongoing focus and efforts about audit quality, while acknowledging the ongoing need for continuous improvement.” 

CPAB inspected two D&H files and one each for De Visser Grey and WDM CPA respectively without significant findings. Each of the firms provided a response that is included in their inspection reports. 

Canadian audit watchdog has undergone significant changes

The transparency with which audit engagement findings can now be reported is due to significant changes at the Canadian Public Accountability Board. As reported by Canadian Accountant, the audit watchdog began publishing firm-specific inspection reports earlier this year, with an enhanced website that provides an accessible database of information, reports and actions. 

The improvements, which required legislative changes, were signalled as far back as 2022, as reported in Is Canada’s audit watchdog ready to bare its teeth?. Late last year, CPAB announced a change of leadership, with former Ontario Securities Commission regulatory executive Sonny Randhawa, replacing Carol Paradine at the helm of the Board.

The Canadian audit watchdog has now issued multiple reports for the firms under its oversight—a stark contract to the PCAOB in the United States, which has yet to issue a Canadian inspection report this year. Under the Trump administration, the PCAOB has undergone significant budget cuts and a change in both leadership and direction, with further budget cuts likely in the future. 

Colin Ellis is a contributing editor to Canadian Accountant.