Regional accounting firms post good results in recent CPAB audit inspection reports

TORONTO, Aug. 3, 2026 – Regional accounting firms performed well in recently released inspection reports from the Canadian Public Accountability Board. The audit watchdog released more than 20 audit inspection reports at roughly the same time. Canadian Accountant has been reporting on the results of the Big Four, MNP LLP, and smaller firms based in Vancouver, British Columbia. 

Regional firms tend to have very few clients listed on the Toronto Stock Exchange (TSX). Large cap public companies are generally audited by the Big Four accounting firms, although MNP LLP has made significant strides in this area. In its 2025 annual report, CPAB noted that annually inspected accounting firms other than the Big Four outperformed their larger counterparts. These eight firms included Crowe MacKay LLP and DMCL LLP. 

Crowe MacKay LLP, which has more than 10 offices across Western and Northern Canada, audits 122 reporting issuers, none of which are on the TSX. CPAB inspected two of the firm’s files and found no significant findings. 

DMCL LLP (formerly Dale Matheson Carr-Hilton LaBonte LLP), which has four offices across British Columbia, audits 240 reporting issuers, including three entities listed on the TSX. CPAB inspected four of the firm’s files and found no significant findings. 

RSM Canada LLP has six offices across Canada, four in Western Canada and two in Ontario. According to its inspection report, RSM Canada audited 48 reporting issuers, including eight on the TSX. CPAB inspected two of its files and found one significant finding. In its response, RSM Canada stated: “We have carefully evaluated the finding identified in the Report and are taking appropriate actions to address the finding consistent with Canadian auditing standards.” 

CPAB also published its inspection report for Baker Tilly WM LLP, which is located on Bay Street in Toronto, and part of the larger Baker Tilly network of locations across Canada. (The firm is also the result of a merger and rebranding.) 

According to its inspection report, the firm audited 72 public companies (“reporting issuers”) that fall within CPAB’s scope, including two entities listed on the TSX. CPAB inspected two of the firm’s engagements, focusing primarily on financial instruments, and found no files with significant findings. 

Colin Ellis is a contributing editor to Canadian Accountant.