By 2024, all firms performing assurance engagements, including related service engagements (e.g., compilations), must design and implement a system of quality management. This system includes a new quality management manual and a monitoring program. The objective of this course is to provide practitioners and firms with an overview of key CSQM 1 and CSQM 2 requirements and to examine their risk assessment, policies, and monitoring activities to create a quality management manual and monitoring program.

This session will provide an overview of the key CSQM 1 and CSQM 2 requirements and discuss how to design and implement a SoQM, including monitoring activities, which are required to be completed by the end of the first year after implementing your SoQM. CSQM 1 requires firms to adopt a risk-based approach in designing, implementing, and operating the SoQM. In general, this requires a firm to:

• Establish quality objectives.
• Identify and assess risks to meet objectives.
• Design and implement responses to quality risks.
• Design a monitoring and remediation program.

The session will discuss what is needed to prepare a monitoring plan, execute the monitoring activities, and evaluate the findings, which will form the basis of your monitor's report. Specific topic areas will include:

• Reviewing key CSQM 1 and CSQM 2 requirements.
• Examining the CSQM 1 and CSQM 2 risk-based quality management methodology.
• Exploring how to scale quality management systems.
• Reviewing examples of commercially available tools to document your SoQM and conduct monitoring activities, including CPA Canada’s Quality Management Guide.
• Planning monitoring activities.
• Preparing an annual evaluation of the SoQM.
• Discussing deficiencies found by inspectors and monitors.

This course is ideal for: CPAs in public practice responsible for quality management; partners, heads of quality management, managers, monitors, and quality reviewers.