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Quality Management – AASB

Date recorded:

At its meeting on January 24-25, 2019, the AASB unanimously approved the exposure drafts of proposed 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; and CAS 220, Quality Management for an Audit of Financial Statements. The exposure drafts are based on the International Auditing and Assurance Standards Board exposure drafts of proposed International Standard on Quality Management (ISQM) 1, ISQM 2, and International Standard on Auditing (ISA) 220 (Revised). The exposure draft for CSQM 1 proposes to adopt the same scope as ISQM 1. This would be a significant change in Canada because the current Canadian standard does not apply to related services engagements such as compilation and agreed-upon procedures engagements. The Board expects to issue the exposure drafts in late March 2019, with a comment deadline of June 7, 2019.

Review the executive summary on the AASB's Web site.

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