Quality Management - Monitoring and Remediation for Non-Assurance Providers

Overview: 

Navigate CSQM 1 effectively to comply with the quality management requirements. This course will assist firms that practice in the non-assurance area in understanding, applying, and documenting its monitoring and remediation processes in accordance with CSQM 1. The course includes information to help you understand the monitoring requirements and how these requirements will specifically affect your firm. You will identify deficiencies at both the firm and engagement-specific levels, determine the root cause and the effect on the firm’s SOQM and develop a remedial action plan. The course will demonstrate these concepts through practical examples and exercises. The course will also include information on completing the annual evaluation of the firm’s SOQM and outline the documentation requirements of CSQM 1 in these areas.

This course will assist in developing and documenting the firm’s monitoring and remediation processes. It provides guidance on what should be included in the process, such as determining when, who, why and what should be included in developing these processes tailored to your firm. The course includes examples and exercises to assist in the recognition of deficiencies, the effect of these deficiencies on the SOQM, the determination of the root cause of the deficiency and the development of a remediation plan. The delivery of the material takes you through various forms and how they interact with each other to meet the requirements of CSQM 1. This course will refer to CPA Canada’s Digitized Quality Management Guide – QMG Cloud templates and PACT forms as examples to assist practitioners in documenting the firm’s monitoring and remediation processes.

Course Content:

In this course, you will gain knowledge about the following topics:

• Identifying what should be monitored and who can perform the monitoring
• Identifying the types of monitoring required and the differences
• Factors used to determine the nature, extent and timing of monitoring activities
• Determining what should be monitored and the extent of sampling based on factors such as risk, partner experience and clients or previous results
• Evaluating deficiencies, the effect on the SOQM,  the root cause, and development of a remedial action plan
• Evaluation of the remedial action plan
• Link of monitoring to the annual evaluation of the firm’s SOQM
• Documentation requirements

Learning Objectives:

Upon completing this course, you should be able to:

• Have a better understanding of the requirements of CSQM 1 related to monitoring and remediation  
• Apply these requirements of CSQM 1 
• Continue to build their firm’s monitoring and remediation process based on participation in the course’s exercises, examples and discussions. 
• Meet the documentation standards of CSQM 1 for monitoring and remediation
• Have a better understanding of how the monitoring and remediation process links to the firm’s annual evaluation of its SOQM

 Who Will Benefit:

Practitioners who are responsible for the requirements of CSQM 1 for their firm and are already familiar with the key requirements of the Canadian Standards on Quality Management.