Share Your Views
The Auditing and Assurance Standards Board (AASB) issued its Exposure Draft, Quality Management at the Firm Level and Engagement Level, Including Engagement Quality Reviews, and we need your feedback!
We are holding an in-person workshop to hear your views on the proposals to adopt the
Canadian Standard on Quality Management (CSQM) (formerly Canadian Standard on Quality Control (CSQC)) 1, Quality Management for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements;
The Exposure Draft is based on the International Auditing and Assurance Standards Board Exposure Draft of proposed International Standard on Quality Management (ISQM) 1.
The AASB is proposing to adopt ISQM 1 with no amendment to the scope, therefore, CSQM 1 would apply to all standards in the CPA Canada Handbook – Assurance (the Handbook), including those dealing with related services engagements. Related services engagements in the Handbook include:
- compilation engagements (Section 9200);
- agreed-upon procedures engagements (Sections 9100 and 9110); and
- engagements to report on supplementary matters arising from an audit or a review engagement (CSRS 4460).
Expanding the scope of the Canadian quality management standards to also include related services engagements will represent a significant change for many smaller firms and sole practitioners that do not currently apply CSQC 1.
We invite you to attend this workshop to learn about the new proposals in CSQM 1. This workshop will be interactive in nature, and so we ask that you bring your quality control manual if your firm has one in place, or you come prepared to write policies and procedures for certain components of the system of quality management. You will be able to share your views on:
- whether the proposals are capable of being clearly understood and consistently interpreted and applied to firms of differing sizes and circumstances; and
- to what extent you foresee implementation challenges.
Who should attend?
We are looking for small to medium sized practitioners, as well as sole practitioners who perform compilation engagements.
Date not working with your schedule? Would you like to provide your feedback in French? Contact Jacqui Kuypers or Allison King!
Related Meetings and Events
Virtual Roundtable Discussions – Quality Management