Master the updated 2025 quality management standards and unlock strategies to enhance firm compliance, mitigate risks, and elevate engagement quality in an evolving regulatory landscape.
This session will review key CSQM 1 and CSQM 2 requirements and discuss how to document the design and implementation of a SoQM, including monitoring activities. The session will also discuss common SoQM deficiencies found by practice inspection and our experience as monitors, as well as best practices in file documentation and archiving.
All firms are now subject to the new quality management standards. For many firms performing only related service engagements (i.e. CSRS 4200), there is still a lot of confusion about which standards apply to them. By 2025, your firm’s system of quality management (SoQM) must be updated and evaluated annually. Unfortunately, many firms have not adequately documented their quality management policies, let alone implemented the policies or designed adequate monitoring procedures. Many firms performing audit and review engagements have not performed their annual monitoring, assuming this can be done anytime.
Failure to document their SoQM, i.e. prepare a manual (or summary of firm policies) and evaluate the SoQM annually will result in significant reportable deficiencies and in our experience as monitors lead to an automatic re-inspection.
Specific topic areas will include:
This course is ideal for: Accounting firm professionals who are involved in the planning and management of their firms and/or have been assigned the responsibility for the firm’s quality management system.
Quality management deficiencies can often lead to re-inspections or partial re-inspections. This session will discuss practice inspection expectations based on our experience as firm monitors.
AJAG Professional Development was founded in 2003 with a mission of making professional development easier and more cost-effective for Canadian accountants and other financial advisory professionals. Our comprehensive range of flexible and reasonably-priced courses, programs and seminars are delivered online and in classroom-style settings in the Greater Toronto Area (Toronto, Oakville and Markham). AJAG features a roster of highly-qualified instructors who deliver content that is pertinent, up-to-date and engaging.
Marcus Guenther works with corporations and accounting firms to improve their workflow, internal control and risk management practices, as well as assisting with technical accounting and auditing issues. He is the co-author of the CICA Professional Engagement Manual (CPEM) as well as other technical publications and articles and teaches accounting, IFRS, and auditing and assurance courses for numerous professional organizations. Marcus was previously a Senior Manager at BDO Dunwoody LLP, where he was responsible for audit, tax and accounting engagements.
