Conforming Amendments to the Other Standards relating to the new Quality Management Standards – AASB

Date recorded:

At its meetings on October 15 and 18, 2021, the AASB reviewed stakeholder feedback on its Exposure Draft, including the results of consultation activities. Key issues discussed included:

  1. the requirement to disclose that the firm applies Canadian Standard on Quality Management 1 in practitioners’ reports for related services engagements, including implications for those who are not professional accountants; and
  2. whether the requirements for quality management in CSAE 3000 and CSAE 3001 should be expanded to more closely align with requirements for quality management in CAS 220.

The AASB will continue to discuss issues and will review an implementation risk matrix at its upcoming meetings.

Review the Executive Summary on the AASB's Web site.

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