Streamlining Success: Implementing CSQM1 for Enhanced Compilation Practices
Quality Control – AASB approved Canadian Standard on Quality Management (CSQM) 1, Quality Management for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements; CSQM 2, Engagement Quality Reviews; and CAS 220, Quality Management for an Audit of Financial Statements.
These new quality management standards represent a significant change from the existing standards in designing, implementing, and maintaining a system of quality management.For firms performing only compilation engagements, this will be the first time that they have been subject to a quality assurance standard.
CSQM1 is effective for related services engagements. (i.e., CSRS 4200 Compilations) as of December 15, 2023, meaning that the firm must have a system of quality management designed and implemented by the end of 2023.
The revised standard is a risk-based quality management standard, which will require documenting the firm’s business processes, information systems, IT applications and controls to support the firm’s system of quality management.
The course will review key requirements and discuss how to implement the new standard, specifically how to:
During the session will also discuss how a firm could use CPA Canada’s Quality Management Guide and related materials to document, design and implement its system of quality management.
AJAG Professional Development was founded in 2003 with a mission of making professional development easier and more cost-effective for Canadian accountants and other financial advisory professionals. Our comprehensive range of flexible and reasonably-priced courses, programs and seminars are delivered online and in classroom-style settings in the Greater Toronto Area (Toronto, Oakville and Markham). AJAG features a roster of highly-qualified instructors who deliver content that is pertinent, up-to-date and engaging.
Marcus Guenther works with corporations and accounting firms to improve their workflow, internal control and risk management practices, as well as assisting with technical accounting and auditing issues. He is the co-author of the CICA Professional Engagement Manual (CPEM) as well as other technical publications and articles and teaches accounting, IFRS, and auditing and assurance courses for numerous professional organizations. Marcus was previously a Senior Manager at BDO Dunwoody LLP, where he was responsible for audit, tax and accounting engagements.
Provincial regulators of CPAs in Canada do not require that independent providers of CPD be approved to offer courses. Instead, individual CPAs are responsible for assessing whether a CPD activity meets their requirements, and may take activities from any source provided those requirements are met.
Every course offered on LearnFormula is delivered by a qualified subject matter expert or learning organization, and advances learning objectives that are relevant to the responsibilities or professional competencies of Canadian CPAs. All activities on LearnFormula are quantifiable in terms of hours, and are also verifiable, in that users receive documented evidence of their attendance via a certificate of completion after finishing a course (and this certificate is stored by LearnFormula indefinitely). Nearly 100,000 Canadian CPAs successfully satisfy their CPD requirements via LearnFormula on an annual basis.
