Canadian Standards on Quality Management

AASB Exposure Draft – Quality Management – Conforming Amendments to Other Canadian Standards

Summary

The Auditing and Assurance Standards Board (AASB) proposes, subject to comments received following exposure, to make conforming amendments to Other Canadian Standards (OCSs) resulting from the approved 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, and related conforming amendments to CASs.

Staff Contact(s)

Jacqui Kuypers, CPA, CA Principal, Auditing and Assurance Standards Board

+1 416 204 3445

[email protected]

Thank you for responding to the AASB Exposure Draft – Quality Management – Conforming Amendments to Other Canadian Standards. Read what our stakeholders had to say:

Response Booklet: Quality Management – Conforming Amendments to Other Canadian Standards

Support Materials

Quality Management

Background

In January 2021, the AASB approved Canadian quality management standards with the same scopes and titles as the IAASB’s standards, and related conforming amendments to CASs. As a result, the AASB needs to make conforming amendments to OCSs. This includes adding requirements and application material dealing with quality management to standards that were previously not subject to CSQC 1, Quality Control for Firms that Perform Audits and Reviews of Financial Statements, and Other Assurance Engagements, but are now within the scopes of CSQM 1 and CSQM 2.

This Exposure Draft proposes the same conforming amendments to OCSs adopted from or based on International standards as those in the IAASB Exposure Draft. The AASB believes that quality management should be addressed consistently in the OCSs. Therefore, this Exposure Draft also proposes conforming amendments for other OCSs that are consistent with the conforming amendments proposed for OCSs adopted from or based on International standards. The Board recognizes, however, that since the nature and content of the OCSs differ, it is not possible to deal with quality management in an identical manner across the OCSs.