The Chartered Professional Accountants of Ontario has fined and sanctioned retired KPMG auditor Laurie Bissonette for professional misconduct related to her oversight of Laurentian University’s 2020 audit, reports CBC. The audit preceded Laurentian’s move to file for insolvency under the Companies’ Creditors Arrangement Act in early 2021. According to CTV News, Bissonette admitted to failing to meet professional standards, including inadequate documentation and insufficient evaluation of the university’s financial viability. She relied heavily on internal forecasts, did not follow up on signs of financial instability, and failed to investigate the hiring of firms specializing in insolvency, Radio-Canada adds. Bissonette retired shortly before Laurentian’s filing.
