Quality Management – AASOC

Dec 15, 2020

At its meeting on December 15, 2020, AASB Director Eric Turner provided the AASOC with an update on the AASB’s work related to the quality management standards and Canadian considerations, including that (i) re the effective date, the AASB considered several options and concluded that it would be appropriate to defer the effective date for all related services engagements by one year, to December 15, 2023; (ii) re implementation challenges, the AASB concluded that implementation guidance related to monitoring and remediation is critical for the standard’s successful implementation. The Board will promote the suite of quality management standards through audit and assurance alerts, provincial body newsletters, and webinars. It will work in conjunction with CPA Canada’s Research Guidance and Support team to develop implementation guidance. The Board will also work with the CPA provincial bodies to develop training and guidance to assist third parties in monitoring firms and inspecting engagements; and (iii) re approval, the AASB will consider approving CSQM 1, CSQM 2, and the revisions to CAS 220 at its January 2021, meeting and will request AASOC’s due process confirmation at its February 25-26, 2021 meeting.