CPAB updates restrictions, releases inspection reports for regional accounting firms
Manning Elliott LLP, Smythe LLP, and American auditors Macias, Gini & O’Connell LLP previously restricted by Canadian Public Accountability Board enforcement
TORONTO, June 28, 2026 – The Canadian Public Accountability Board has updated enforcement actions and issued audit inspection reports for three accounting firms. Two of the firms are based in Canada: Manning Elliott LLP, and Smythe LLP. A third accounting firm is based in the United States: Macias, Gini & O’Connell LLP.
According to its enforcement report, the American accounting firm is now allowed to accept new medium-risk reporting issuers, after CPAB modified a previously imposed restriction on the acceptance of new medium and high-risk reporting issuers to a prohibition on the acceptance of high-risk reporting issuers.
As of year-end 2024, the American firm audited five reporting issuers, none of which were listed on the TSX. CPAB found no significant findings in the one file it inspected, which was focused on inventory; long-lived assets; and revenue and related accounts.
Similarly, Manning Elliott LLP, which is based in Vancouver, is prohibited from accepting new high-risk reporting issuer engagements, but the circumstances are different. During its 2025 inspection, CPAB inspected two audit files, and one significant inspection finding was identified. This appears to have been enough to continue the accounting firm’s previously imposed restriction.
Finally, the outcome for Smythe LLP, which is also based in Vancouver, is the best of the three. In its inspection report, CPAB reported no significant findings in the one file it inspected, and announced the termination of its prohibition on the acceptance of new high-risk reporting issuers.
As of December 31, 2024, Smythe audited 62 reporting issuers that fall within CPAB’s scope, including two entities listed on the Toronto Stock Exchange. The inspection results are the same as the recently released audit inspections of four more Vancouver-based accounting firms, none of which had significant findings reported.
Colin Ellis is a contributing editor to Canadian Accountant.
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