Quality management guidance resources

New quality management standards, both at the firm and engagement levels, could impact all practitioners. Our free guidance materials will help you implement these changes and advise your teams on the desired outcomes.

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Implementation tool: New quality management standards

Is your firm a first-time adopter of CSQM 1? If yes, access this tool to understand the scope and objective of CSQM1 including the components of a system of quality management. READ MORE
CPA Canada resources

Access our free resources to help you understand the quality management standard changes, incorporate them into your practices, and communicate them effectively to other members of your firm, including your engagement teams. 		Resources from IFAC

See the latest updates and stay informed with these external resources that explain the key aspects of the new and revised quality management standards that can help you begin with your implementation efforts.

Amid growing stakeholder expectations and a need for quality management systems that are proactive and adaptable, three interrelated standards have been introduced. These standards will strengthen and modernize how firms approach quality management, presenting a substantial development and change for Canadian practitioners and stakeholders since they include significant shifts. The new suite of standards centres on quality management to enable a proactive, risk-based approach and higher quality engagements.

Who should read this?

The quality management standards are applicable to all firms that perform audits or reviews of financial statements, or other assurance or related services engagements. The following resources may be relevant to your firm, whether you are adapting your current system of quality management or designing and implementing a new system.

What’s covered?

The three new Canadian standards on quality management at the firm and engagement level are:

  1. 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
  2. CSQM 2, Engagement Quality Reviews
  3. Canadian Auditing Standard (CAS) 220, Quality Management for an Audit of Financial Statements

Note for Canadian firms applying these standards:

  • Firms are required to design and implement their system of quality management for audits or reviews of financial statements or other assurance engagements by December 15, 2022 and evaluate their system within one year following this date.
  • Firms are required to design and implement their system of quality management for related services engagements by December 15, 2023 and evaluate their system within one year following this date.

CPA Canada Resources

Close up of business people meeting around a desk
New quality management suite of standards: Practitioner alert
Do you perform compilation engagements? This practitioner alert introduces the new Canadian standards on quality management. Learn about this new suite of standards and how they impact you.

Applicable to firms that were not subject to CSQC1.

Aerial view of a group of people sitting around a table in a business meeting.
New quality management suite of standards: Audit and Assurance alert
Learn about changes to your responsibilities for quality management related to this new suite of Canadian standards comprising CSQC 1, CSQC 2, and CAS 220.

Applicable to firms transitioning from CSQC1 to CSQM1.

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Audit and assurance alert: Moving from quality control to quality management
This Audit and Assurance Alert is being issued to raise awareness about the unanimously approved suite of quality management standards including CSQM 1 replacing CSQC 1.

Applicable to firms transitioning from CSQC1 to CSQM1.

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May 2022 Audit Quality Blog: Preparing for the new quality management standards
New and revised quality management standards are coming into effect soon. Are you ready?

Applicable to firms that are first time adopters of CSQM 1 and those transitioning from CSQC1.

Businessperson in modern office points at cogwheel images on a computer screen.
Practitioner’s Pulse Webinar (June 2022)
In this webinar, practitioners share their experiences to date in developing a system of quality management and applying the requirements of the new quality management standards.

Applicable to firms that are first time adopters of CSQM 1 and those transitioning from CSQC1

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Practitioner’s Pulse Webinar (June 2021)
Learn about the new suite of quality management standards and listen as the Auditing and Assurance Standards Board (AASB) shares highlights of the new standards as well as considerations for small firms as you prepare for implementation.

Applicable to firms that are first time adopters of CSQM 1 and those transitioning from CSQC1

Row of transparent light bulbs, all off except one with glowing filament leaning to the right.
May 2021 Audit Quality Blog: New standards introduce a robust and proactive approach to quality management
New quality management standards prioritize proactive management or mitigation of risks at the firm and engagement levels. Learn how these new standards promote a consistent, high-quality performance by practitioners.

Applicable to firms that are first time adopters of CSQM 1 and those transitioning from CSQC1

Young couple receiving financial advice
Getting ready for the new quality management standard CSQM1
This standard represents a major transformational move that affects all types of audits, reviews or assurance engagements. Learn more about the standard and the effective date.

Applicable to firms transitioning from CSQC1 to CSQM1.

Resources from IFAC

IAASB Quality Management implementation support resources

ISQM 1 First-Time Implementation Guide | IFAC (iaasb.org)

ISQM 2 First-Time Implementation Guide | IFAC (iaasb.org)

ISA 220 (Revised) First-Time Implementation Guide | IFAC (iaasb.org)