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Canadian Standards on Quality Management

Quality Management

Summary

Auditors must effectively manage audit quality, both at the firm and the engagement level, with high-quality audits supporting financial stability.

Staff Contact(s)

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

Phone number  +1 416 204 3445
Email address  [email protected]

Project Status

  • Information gathering

    Completed prior to 2016

  • Approving project

    The IAASB approved the project in December 2016

  • Engaging Communities

    Case study workshop completed by small and medium-sized practitioners and sole practitioners August 2020

    Consultations on Conforming Amendments Exposure Draft completed September 2021

  • Deliberating feedback

    Feedback considered and AASB response letters developed on the IAASB Exposure Drafts

    AASB deliberating feedback received on Conforming Amendments Exposure Draft

  • Final pronouncement

    AASB approved final Canadian Standard on Quality Management (CSQM 1), Quality Management for Firms that Perform Audit or Review Engagements, or Other Assurance or Related Services Engagements, CSQM 2, Engagement Quality Reviews, and CAS 220, Quality Management for an Audit of Financial Statements in January 2021

    AASB approved final revisions to Other Canadian Standards in March 2022

    Final Handbook material now available in the CPA Canada Handbook – Assurance

    Handbook
Disclaimer

This project summary has been prepared for information purposes only. Decisions reported are tentative and reflect only the current status of discussions on this project, which may change after further Board deliberations. Decisions to publish Handbook material are final only after a formal voting process.