Canadian Standards on Quality Management

Effective Dates – Canadian Standards on Quality Management

This summary is for information purposes only.

This summary may not include consequential amendments resulting from the issuance of new standards or minor updates to existing standards. For comprehensive details, please refer to the CPA Canada Handbook – Assurance on Knotia.ca.

Final Pronouncement

Application

December 15, 2023:

CSQM 1, Quality Management for Firms that Perform Audits or Reviews of Financial Statement, or Other Assurance or Related Services Engagements

Systems of quality management in compliance with CSQM 1 for related services engagements are required to be designed and implemented by December 15, 2023, and the evaluation of the system of quality management is required to be performed within one year following December 15, 2023.

CSQM 2, Engagement Quality Reviews

Effective for related services engagements beginning on or after December 15, 2023.

December 15, 2022:

CSQM 1, Quality Management for Firms that Perform Audits or Reviews of Financial Statement, or Other Assurance or Related Services Engagements

Systems of quality management in compliance with CSQM 1 for audits or reviews of financial statements or other assurance engagements are required to be designed and implemented by December 15, 2022, and the evaluation of the system of quality management is required to be performed within one year following December 15, 2022.

CSQM 2, Engagement Quality Reviews

Effective for audits and reviews of financial statements for periods beginning on or after December 15, 2022, and other assurance engagements beginning on or after December 15, 2022.