Quality Management – Getting ready to apply the new quality management standards (CSQM1 & 2, CAS220)

CPA Canada released the new Quality Management Guide (“QMG”) in August 2022, with additional guidance to follow in the fall of 2022. These new standards, specifically CSQM1, CSQM2 and CAS 220 revised, contain major revisions in terms of methodology and requirements compared to the previous standards.

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 three-hour training session will be to:

• Understand the requirements of CSQM 1, CSQM2 and CAS 220;
• Review the methodology and elements of the QMG (CSQM 1 and 2);
• 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