Quality Control – AASB approved Canadian Standard on Quality Management (CSQM) 1, Quality Management for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements; CSQM 2, Engagement Quality Reviews; and CAS 220, Quality Management for an Audit of Financial Statements.
These new quality management standards represent a significant change from the existing standards in designing, implementing, and maintaining a system of quality management.For firms performing only compilation engagements, this will be the first time that they have been subject to a quality assurance standard.
CSQM1 is effective for related services engagements. (i.e., CSRS 4200 Compilations) as of December 15, 2023, meaning that the firm must have a system of quality management designed and implemented by the end of 2023.
The revised standard is a risk-based quality management standard, which will require documenting the firm’s business processes, information systems, IT applications and controls to support the firm’s system of quality management.
The course will review key requirements and discuss how to implement the new standard, specifically how to:
- Establish quality objectives;
- Identify and assess risks to meet objectives;
- Design and implement responses to quality risks;
- Design a monitoring and remediation program
During the session will also discuss how a firm could use CPA Canada’s Quality Management Guide and related materials to document, design and implement its system of quality management.