Audit watchdog inspection report reveals numbers behind continued expansion of MNP LLP

TORONTO, July 19, 2026 – Homegrown national accounting firm MNP continues to expand its footprint with more than 10 acquisitions of smaller accounting firms and agencies thus far in 2026. The firm also had its 2025 inspection results released recently by Canada’s audit watchdog, the Canadian Public Accountability Board, which gave some indication of its audit industry market position relative to the Big Four. 

According to its latest audit inspection report, the number of public companies audited by MNP compares favourably with its competitors in the Big Four. CPAB reports that, as of December 31, 2024, MNP audited 423 “reporting issuers” that fall within CPAB’s scope, 41 of which were listed on the Toronto Stock Exchange (TSX). 

That is a higher number of public companies than those reported by CPAB for Deloitte (183), Ernst and Young (138), KPMG (284), or PricewaterhouseCoopers (271). 

Each of the Big Four firms, however, had a higher percentage of clients listed on the TSX. Historically, the Big Four firms audit more than 90 per cent of the companies listed on the TSX, which can be larger in terms of size, market capitalization, and engagement complexity. However, MNP’s 41 clients listed on the TSX comes closest to Deloitte and EY Canada, both of which audited 95 entities listed on Canada’s largest exchange. 

MNP has continued its long-term expansion across Canada. As reported by Canadian Accountant, the firm acquired 26 Deloitte Canada accounting offices in 2021, and 21 of BDO Canada’s accounting firms in 2024. The firm closed 2025 strongly, with acquisitions in Montreal (MLSG LLP), Regina (Green Finance), and Lanaudière (Boisvert et Chartrand), in the Québec-Centre Region. 

Thus far in 2026, MNP has acquired firms in:

• Alberta (Kassam).
• British Columbia (Sierra Accounting Inc.).
• Ontario (Peakvest CPA Professional Corporation; Lynch Rutherford Tozer; Kanish & Partners LLP).
• Saskatchewan (Green Finance).
• Quebec (Martin & Savoie, CPA; Cyr Landry Lapierre Inc; L’Équipe Tremblay; Dumas Leduc CPA Inc; MLSG LLP; and Boisvert et Chartrand, s.e.n.c.r.l.). 

In addition to these 12 firms, half of which are based in Quebec, MNP has expanded its service offerings through the acquisition of practices such as Western Tractor and Ignite Technology. 

Audit watchdog CPAB reports 2025 audit inspection results for MNP

According to its inspection report, CPAB inspected 13 files, three of which had significant findings. A significant inspection finding is defined as a deficiency in the application of auditing or other relevant professional standards. MNP therefore had a deficiency rate of 23 per cent, similar to the deficiency rate of KPMG Canada (21%), which had the highest number of significant findings (five of 24) recently among the Big Four. 

The significant findings were found in the audit areas of financial instruments (one), other assets (one), and revenue and related accounts (one). In its response to the report, the firm noted it has “carefully assessed the significant findings identified by CPAB and has commenced the implementation of actions we believe are appropriate, meaningful, and responsive to the matters noted.” It reiterated its commitment to continuous enhancement of audit quality and compliance with applicable professional standards.” 

Colin Ellis is a contributing editor to Canadian Accountant. Title image: MNP Tower, Edmonton, Alberta (2016), Wikimedia (CC BY-SA 4.0).