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.