Quality control – Review of CSQC1
Every public practice firm providing assurance engagements is required to comply with the quality control standards as set out in Canadian Standards for Quality Control (“CSQC1”). This course is designed to assist sole practitioners and small firms in understanding the requirements of the standard and how the requirements may be applied in a small firm environment. The course is structured based on the CPA Canada Quality Assurance Manual subscription, however the topics and ideas may be integrated into any customized firm template.
Although there have been few changes in the quality control standards for a number of years this session is offered annually to assist practitioners in meeting the requirements. Practitioners who are new to public practice, new to the provision of assurance engagements or those who are looking for suggestions in updating the firm’s quality control function should attend this session. This course uses CPA Canada’s Quality Assurance Manual sample and related resources as a starting point for the firm’s quality control documentation. Note that requirements specific to firms providing services to publicly accountable entities will not be covered.
- Integration of quality control policies and procedures into firm and file documentation
- Requirement for engagement quality control reviews
- Ongoing (annual) monitoring: who, what, when, how and reporting
- Completed file (cyclical) monitoring: who, what, when, how and reporting
- Annual update of the firm’s Quality Assurance Manual (QAM)
- Common quality control deficiencies in small firms
- Practitioners who are new to public practice and have not yet established the firm’s quality control manual
- Practitioners who are new to the provision of assurance services and have not yet implemented a firm quality control manual
- Practitioners who have not updated their firm’s quality control manual for a number of years
In order to apply the ideas and concepts discussed during the session, practitioners should bring a copy of the firm’s quality control manual to the session.