CSQM Standard Reminder
The three new and revised Canadian standards on quality management at the firm and engagement level are:
Canadian Standard on Quality Management (CSQM) 1, Quality Management for Firms that Perform Audits or Reviews 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
Reminder for firms applying these standards:
- Firms are required to design and implement their system of quality management for audits or reviews of financial statements or other assurance engagements by December 15, 2022 and evaluate their system within one year following this date.
- Firms are required to design and implement their system of quality management for related services engagements by December 15, 2023 and evaluate their system within one year following this date.
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