Other Canadian Standards

Effective Dates for New Standards

This summary of recently issued Auditing and Assurance Standards Board (AASB) pronouncements has been prepared for information purposes only. Consequential amendments to existing standards resulting from the issuance of new standards and less significant changes to existing standards are not included below. Reference should be made to official Handbook material for the text of final AASB pronouncements.

Pronouncement	Application
December 15, 2023:
CSQM 1, Quality Management for Firms that Perform Audits or Reviews of Financial Statement, or Other Assurance or Related Services Engagements	Systems of quality management in compliance with CSQM 1 for related services engagements are required to be designed and implemented by December 15, 2023, and the evaluation of the system of quality management is required to be performed within one year following December 15, 2023.
CSQM 2, Engagement Quality Reviews	Effective for related services engagements beginning on or after December 15, 2023.
December 15, 2022:
CSQM 1, Quality Management for Firms that Perform Audits or Reviews of Financial Statement, or Other Assurance or Related Services Engagements	Systems of quality management in compliance with CSQM 1 for audits or reviews of financial statements or other assurance engagements are required to be designed and implemented by December 15, 2022, and the evaluation of the system of quality management is required to be performed within one year following December 15, 2022.
CSQM 2, Engagement Quality Reviews	Effective for audits and reviews of financial statements for periods beginning on or after December 15, 2022, and other assurance engagements beginning on or after December 15, 2022.
January 1, 2022:
CSRS 4400, Agreed-Upon Procedures Engagements	Effective for agreed-upon procedures engagements for which the terms of engagement are agreed on or after January 1, 2022.
December 14, 2021:
CSRS 4200, Compilation Engagements	Effective for compiled financial information for periods ending on or after December 14, 2021.