Quality Management - Overview for Assurance Service Providers

(Formerly Titled: Quality Management - Overview of CSQM 1 and 2 for Providers of Assurance Services New Standards)

Overview:

The Canadian Standards for Quality Control (CSQC1) have been replaced by the Canadian Standard for Quality Management (CSQM1 and CSQM2) and related amendments to relevant assurance standards.  For firms who perform assurance engagements the systems of quality management are required to be implemented by December 15, 2022.  For non-assurance firms, there is a one-year deferral to December 15, 2023. 

This course will review the requirements of the new standards and is intended for assurance firms who are already familiar with the current quality control standards.  At the end of the course, you will have a road map of the decisions that will need to be made and the changes, if any, required to ensure your current quality control processes and procedures are compliant with the new standards.

Course Content:

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

• Discussion around the current environment and driver for the new requirements including Canada’s role in IFAC and standards development and timeline of work performed
• Why are the standards changing? Highlight the critical issues identified and resolved through a review of the basis of conclusions and decisions reached 
• What are the new standards? Summary of the 8 components of CSQM1
• What are the most significant areas of change? The focus will be on resources and information and communication
• How do we apply the new standards?  The risk-based approach focuses on outcomes not rules, scalability, identification of quality objectives, and identifying risks to achieving the qualified objectives
• How do we monitor and evaluate post-implementation?
• Other: Networks and related considerations
• What are my next steps?  Examples of questions that can be asked and answered, identification of the firm’s specific risks, and preliminary consideration of responses
• Summary of resources that are coming with updated QAM and implementation tool

Learning Objectives:

Upon completing this course, you should be able to: 

• Describe the requirements of the new standard and the differences from the current standards
• Identify the areas of the firm’s quality control processes and procedures which will be affected by the new standard
• Design an implementation work plan to implement the new requirements

Who Will Benefit: 

This course is intended for assurance practitioners who oversee or are familiar with the firm’s quality control processes.  
 
NOTE: This course is not intended for those that provide non-assurance services.