Quality Management-Overview CSQM 1&2 for Assurance Providers
Overview of the requirements of the newly issued Canadian Standard for Quality Management (CSQM1 and CSQM2) and related amendments to Canadian Auditing Standards (CAS 220) and its impact on the quality control processes for assurance practitioners.
The course provides participants with an overview of the requirements of the newly issued Canadian Standard for Quality Management (CSQM1 and CSQM2) and related amendments to Canadian Auditing Standards (CAS 220) and its impact on the quality control processes for assurance practitioners. It builds on your knowledge and implementation of the current requirements under the Canadian Standards for Quality Control (CSQC1) and will highlight the differences.
The Canadian Standards for Quality Control (CSQC1) have been replaced the Canadian Standard for Quality Management (CSQM1 and CSQM2) and related amendments to relevant assurance standards. For firms who perform assurance engagements the systems of quality management are required to be implemented by December 15, 2022. For non-assurance firms, there is a one-year deferral to December 15, 2023.
The session will review the requirements of the new standards and is intended for assurance firms who are already familiar with the current quality control standards. At the end of the session participants will have a road map of the decisions that will need to be made and the changes, if any, required to ensure their current quality control processes and procedures are compliant with the new standards.
Note: In the summer of 2022, an application session providing detailed examples and documentation resources, will be made available.
WHO WILL BENEFIT:
Assurance practitioners who oversee or are familiar with the firm’s quality control processes.
By the end of this session, participants will be able to:
- describe the requirements of the new standard and the differences from the current standards,
- identify the areas of the firm’s quality control processes and procedures which will be affected by the new standard, and
- design an implementation work plan to implement the new requirements
The course will cover the following:
- the current environment and driver for the new requirements including Canada’s role in IFAC and standards development and timeline of work performed,
- why standards are changing,
- what the new standards are and a summary of the 8 components of CSQM1,
- areas of significant change,
- application of the new standards, the risk-based approach, focus on outcomes not rules, scalability, and identification of quality objectives and risks of achieving the quality objectives,
- monitoring and evaluation post implementation,
- networks and related considerations,
- overview of next steps including examples of questions that can be asked and answered, identification of firm’s specific risks and preliminary consideration of responses, and
- summary of resources that are coming with the updated QAM and implementation tool.
The course is intended for assurance practitioners who are in charge of, or familiar with the firm’s quality control processes.
COURSE LEADER: BRIDGET NOONAN, CPA, CA