the cpab was formed in 2003 as part of canada's response to the occurrence of accounting scandals that were happening worldwide, such as at enron and worldcom. it was different in approach from the "sarbanes-oxley act" adopted in the united states. in 2016, its ceo stated that the board "encourages a more holistic approach to better understand the root causes of lapses in audit quality," in contrast to that taken by the us public company accounting oversight board.