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Learn about the Exposure Draft (ED) issued by the Auditing and Assurance Standards Board (AASB) in April 2019 that proposes significant changes to the foundational quality control standards at the firm and engagement level.
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This alert highlights proposed revisions to CAS 220 Quality Management for an Audit of Financial Statements, as well as CSQC 1 Canadian Standard on Quality Control (replaced by proposed CSQM 1 Canadian Standard for Quality Management) and the proposed new standard, CSQM 2 Engagement Quality Reviews.
The ED affects all practitioners as it proposes significant changes to the foundational quality control standards at the firm and engagement level.
The scope of extant CSQC 1 does not apply to related services in Canada. The AASB is proposing to adopt ISQM 1 as CSQM 1, therefore, it would apply to all standards in the CPA Canada Handbook - Assurance (the Handbook), including related services engagements.
Expanding the scope of the Canadian quality management standards to include related services engagements represents a significant change for smaller firms and sole practitioners that do not currently apply CSQC 1.
Canadian practitioners have an ability to influence the development of the ISQMs and ISAs so the standards will be clear, understandable, and can be practically applied to audits in Canada (e.g. are the proposals scalable for audits of less complex entities?).
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