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Tue, Jan 17

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Webinar (2 CPD Hours)

Quality Management – Getting ready to apply the new quality management standard (CSQM1) for compilation only practices

In affiliation with GTA Accountants & Finance Network. Firms performing assurance engagements, other assurance or related services engagements, including compilation engagements, are required to have systems of quality management (SoQM) designed and implemented in accordance with CSQM 1 by Dec 2022.

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Time & Location

Jan 17, 2023, 1:00 p.m. EST

Webinar (2 CPD Hours)

About the Event

CPA Canada released the new Quality Management Guide (“QMG”) in August 2022, with additional guidance to follow in the fall of 2022. Practices performing only compilation engagements were not previously covered under CSQC 1 and therefore in most cases did not have a firm quality assurance manual. The new standard, CSQM1, contain major revisions in terms of methodology and requirements compared to the previous standard and now includes practices that only perform compilation engagements. (i.e. no audits, reviews or other assurance services). This is a significant change in practice and will require firms to design, develop and maintain a 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; and
  • Design a monitoring and remediation program.

The focus of this two-hour training session, aimed at compilation only practices, will be to:

  • Understand the requirements of CSQM 1;
  • Review the methodology and elements of the QMG relating to CSQM;
  • Understand and apply the steps, key activities, forms and potential issues need to get to the design and implementation stage of CSQM 1 required by December 2022; and
  • Review the monitoring and remediation activities that will need to be performed in 2023.

Speaker: Marcus Guenther, CPA, CA, Partner at Focus HGK LLP

Tickets

  • 2 CPD Hours

    $130.00
    Tax: HST included
    Sale ended

Total

$0.00

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