164 canadian and 133 foreign firms have entered into participation agreements with the cpab. these firms audit approximately 4,000 reporting issuers and 3,000 investment funds. of these firms, fourteen are inspected annually, of which the big four account for 98% of total market capitalization on canadian markets, and the other 10 large firms account for a further 1.5%. the other firms are subject to inspection on a triennial basis.