Quality control – Review of CSQC1
What is the difference between the types of e-learning activities?
- A webinar is a live training activity which you must attend at the date and time indicated. You may access the training platform in your online file 7 days before the date of the webinar. We strongly recommend that you log in to the platform before the date of the webinar and follow the instructions in step 3 of your training path beforehand in order to test your computers’ configuration and prevent any connexion problems during your training activity.
- Web conferences, web interviews, interactive training activities, webcasts and online training activities are recorded training activities. They can be accessed at all times after their availability date.
Although there have been few changes in the quality control standards for a number of years this training activity 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 training activity.
This training activity 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.
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 training activity 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 training activity is structured based on the CPA Canada Quality Assurance Manual subscription, however the topics and ideas may be integrated into any customized firm template.
By the end of this training activity, participants will understand:
- 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,
- Overview of standards
- Ethical considerations, acceptance and continuance
- Human resources
- Engagement performance
- Common deficiencies and wrap-up
- 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
Participants should be familiar with CSQC1. 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 training activity.