March 2026
Greetings,
I know this is a busy time of year for many of you, so this month’s update is designed to keep things clear and practical. You’ll find a few key updates from standard setters, including developments related to CSQM 1, ROMRS, and CAS 540, to help you stay on top of what’s changing (and what isn’t). I’ve also included a couple of short reads focused on day-to-day effectiveness, because when workloads are high, how you manage your time and attention can make all the difference. Read on…
CSQM 1 and Emerging Technology
The use of technology, including AI, continues to grow across firms. Under ISQM/CSQM 1, technological resources are part of your system of quality management, requiring firms to set quality objectives, assess risks, and implement related policies and procedures. In practice, many of these objectives have been broad and focused on ensuring technology is available and up to date.
As technology evolved, questions emerged about whether ISQM/CSQM 1 remains sufficient. In June 2025, the IAASB launched the Technology Quality Management Workstream to evaluate how firms are applying the standard to emerging technologies and whether additional support is needed.
Findings are now available. A key takeaway is that ISQM/CSQM 1 remains fit for purpose… no revisions to the standard are expected. Instead, non-authoritative guidance will be developed to help firms apply the standards consistently and effectively in the context of emerging technologies, including AI. This approach allows for more timely, flexible support as technology continues to evolve.
ISA/CAS 540 Post-Implementation Review Underway
As with all issued standards, there is always a “post-implementation review” (PIR). A PIR is a process used to evaluate whether a standard is working as intended after it has been put into practice, and to identify any improvements that may be needed. The ISA/CAS 540, Auditing Estimates, PIR is now underway and includes a survey as part of the process. Have your say in setting standards!!
ISA/CAS 540, effective for audits of periods beginning on or after December 15, 2019, was designed to enhance audit quality by requiring more robust procedures for accounting estimates and related disclosures. The survey focuses on overall views on the standard and related guidance, benefits and challenges encountered in practice.
Stakeholders can respond to all or selected questions. The deadline to respond is June 15, 2026.
READ MORE AND COMPLETE THE SURVEY HERE
ROMRS Post-implementation Review Completed
The AcSB completed its PIR of the ASPE amendments related to retractable or mandatorily redeemable shares (ROMRS). Overall, the findings confirm the amendments are working as intended, with no significant issues identified. No further action is planned at this time.
That said, the AcSB will continue to monitor application questions and address any issues that arise in practice. Existing and new matters will be considered through its Guidance Framework, along with broader ROMRS-related topics identified through ongoing consultations.
The Art of Monotasking
This is one of the most helpful articles I’ve read in a long time, especially this time of year when everything feels urgent, and all tasks are competing for attention. It’s a good reminder that trying to do everything at once doesn’t work. The key takeaway is simple: focusing on one task at a time leads to better results.
Research shows that multitasking actually reduces productivity, increases errors, and makes it harder to retain information. The reason is straightforward, the brain isn’t designed to give equal attention to multiple complex tasks at once. Sometimes, doing less at once is exactly what helps you get more done.
READ ARTICLE HERE TO LEARN MONO, NOT MULTI
Do One Thing at a Time
In case the first article doesn’t fully convince you to embrace monotasking, here’s another excellent read from Psychology Today that reinforces the same idea. It highlights how performing one task at a time improves efficiency, reduces stress, and helps you produce higher-quality work.
CPD Reporting
Continuing Professional Development (CPD) reporting deadlines have either just passed or are imminent by month-end, depending on which province you live in. Make sure you have made your CPD declarations so you don’t incur any penalties.
Reminder… the requirements are you must complete a minimum of 20 hours of CPD annually, of which 10 hours must be verifiable, and 120 hours over a 3-year rolling cycle of which 60 hours must be verifiable. One tip for you… report your hours as you do them throughout the year, then you are not scrambling at year end and trying to remember what courses you took.
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As always, my goal is to keep you informed while also supporting you through the realities of practice during peak periods. If anything here sparks questions or you want to talk something through, feel free to reach out, I’m always here to help you save time and achieve peace of mind.
Take care, and don’t forget that, however busy you are, it is important to take a quick moment to refresh and recharge.
Best regards,
Kirsten S. Albo, FCPA, FCA
President