Conforming Amendments to the Other Standards relating to the new Quality Management Standards – AASB
At its meeting on November 29-30, 2021, the AASB discussed stakeholder feedback on its Exposure Draft. Key issues discussed included: (i) the proposed requirement in Canadian Standard on Related Services 4200, Compilation Engagements, to disclose that the practitioner is a member of a firm that applies 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; (ii) the effective date of CSQM 1, CSQM 2, Engagement Quality Reviews, and Canadian Auditing Standard (CAS) 220, Quality Management for an Audit of Financial Statements; and (iii) the different forms of implementation guidance that can be developed to address implementation challenges related to new or revised requirements in the Other Canadian Standards.
Review the Executive Summary on the AASB's Web site.