Overview of the New Canadian Quality Management Standards

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Overview
A suite of New Quality Management Standards has been approved by the Auditing and Assurance Standards Board (AASB). These standards apply to assurance and other related services and it is critical for practitioners to be aware of the requirements of CSQM 1, CSQM 2 and Revised CAS 220 in order to be prepared for the upcoming changes. A system of quality management is required to be in place by December 15, 2022 with monitoring and remediation to be performed within the year after. Business decisions are required to develop and implement a system of quality management in accordance with the new standards. This course will help practitioners as they start to think about the implications on their firm.

Learning Objectives
At the end of the session, participants will be able to:

  • Appreciate the requirements of CSQM 1, CSQM 2 and Revised CAS 220
  • Comprehend the components of a system of quality management
  • Determine quality objectives
  • Understand methodology of identifying and assessing quality risks
  • Identify process of designing and implementing responses
  • Recognize implications of Engagement Quality Reviewer involvement
  • Identify partner responsibilities in audit engagements

Verifiable CPD
30 minutes


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