In January 2021, the AASB approved Canadian quality management standards with the same scopes and titles as the IAASB’s standards, and related conforming amendments to CASs. As a result, the AASB needs to make conforming amendments to OCSs. This includes adding requirements and application material dealing with quality management to standards that were previously not subject to CSQC 1, Quality Control for Firms that Perform Audits and Reviews of Financial Statements, and Other Assurance Engagements, but are now within the scopes of CSQM 1 and CSQM 2.
This Exposure Draft proposes the same conforming amendments to OCSs adopted from or based on International standards as those in the IAASB Exposure Draft. The AASB believes that quality management should be addressed consistently in the OCSs. Therefore, this Exposure Draft also proposes conforming amendments for other OCSs that are consistent with the conforming amendments proposed for OCSs adopted from or based on International standards. The Board recognizes, however, that since the nature and content of the OCSs differ, it is not possible to deal with quality management in an identical manner across the OCSs.