Practitioner’s pulse (June 2021): New suite of quality management standards
Stay current with the latest key developments that affect your practice. Learn about a new suite of quality management standards that is replacing Canadian Standard on Quality Control (CSQC) 1, Quality Control for Firms that Perform Audits or Review of Financial Statements and Other Assurance Engagements.
Do you want to learn more about how this new suite of standards will impact your firm’s policies and practices? Join us for a conversation with representatives from the AASB to learn about the new suite of quality management standards, comprising:
- Canadian Standard on Quality Management (CSQM) 1, Quality Management for Firms that Perform Audits or Review of Financial Statements, or Other Assurance or Related Services Engagements
- CSQM 2, Engagement Quality Reviews
- Canadian Auditing Standard (CAS) 220, Quality Management for an Audit of Financial Statements
CSQC 1 applied to audits and reviews of financial statements, as well as other assurance engagements. It did not extend to related services engagements in the Handbook. For many small and medium-sized practitioners (SMPs), as well as sole practitioners, who only perform compilation engagements, CSQC 1 did not apply. Under CSQM 1, these firms will be designing, implementing, and operating a system of quality management (SOQM), for the first time.
- expanded scope of the new suite of quality management standards
- components of a system of quality management
- risk-based approach to managing quality risks
- requirements for leadership, governance, and ethics
- monitoring and remediation processes
- small firm considerations
- engagement quality reviews
- engagement level quality management
- practitioners of firms who perform audits or reviews of financial statements, or other assurance or related services engagements
- firms who were not previously subject to CSQC 1
