Practitioner alert: Quality management conforming amendments
The issuance of the quality management conforming amendments completes a multi-year project to improve the practitioner’s management of risk and quality on engagements. The quality standards take effect beginning December 2022. Are you ready?
We have issued this practitioner alert to raise awareness about conforming amendments made to the new Canadian standards on quality management at the firm and engagement level, which include:
- Canadian Standard on Quality Management (CSQM) 1, Quality Management for Firms that Perform Audits or Review of Financial Statements, or Other Assurance or Related Services Engagements
- CSQM 2, Engagement Quality Reviews
- Canadian Auditing Standard (CAS) 220, Quality Management for an Audit of Financial Statements
What will I learn?
- what changes were made
- effective dates of the quality management standards
- resources to help you prepare for implementation
For additional implementation support resources, visit CPA Canada’s Quality management guidance resources page.