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.
Verifiable CPD 30 minutes
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