Quality Management – Application for Assurance Providers

November 6^th – 1PM to 4:30PM

Instructor: Richa Khanna

Format: Virtual

CPE Credits: 3.5

Field of Study: Assurance

This professional development session provides participants with a brief overview of the newly issued Canadian Standard for Quality Management (CSQM1 and CSQM) requirements.  The session will provide examples of common quality control objectives, risks and responses for small to mid-size firms and provide you with the opportunity to tailor these to your firm’s specific circumstances.

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 that perform assurance engagements, the quality management systems are required to be implemented by December 15, 2022. This session will assist in identifying and documenting the firm’s quality objectives, the identification and assessment of common risks to meeting these objectives, and the design and implementation of the firm’s response to these risks.   The session will refer to CPA Canada’s Quality Management Subscription as an example template to assist practitioners in documenting the firm’s processes and policies.

LEARNING OBJECTIVES 

• Identify the resources available through the CPA Canada Quality Management (name of new product to be update) subscription.
• Summarize and document the quality objectives of the firm and the identified quality risks; and
• Design and document a firm’s specific responses to these risks.

CONTENT 

• A brief refresher of the new standards.
• Review of the resources that are available to firms for documenting compliance with the new standards (QAM subscription).
• Case study approach to the identification of quality objectives and quality risks.
• Discussions used to design and implement responses.
• Example of implementation of monitoring (firm and engagement level).
• Examples of how to respond to identified deficiencies.

PREREQUISITES 

Understanding of the requirements under CSQM1 and 2 and CAS 220 or past attendance in Quality Management - Review of the New Standards for Assurance Providers (CSQM 1 and 2).

WHO WILL BENEFIT? This course is intended for assurance practitioners who are in charge of or familiar with the firm’s quality control processes.

REGISTER HERE