Quality Management – AASOC

Date recorded:

At its meeting on February 3-4, 2020, the AASOC was advised re this project that:

  1. in 2016, the IAASB undertook a project to revise the quality control standards at the firm and engagement level. The revisions to the standard were made to strengthen and improve the standard’s requirements and to focus on identifying, assessing, and responding to quality risks in a broad range of engagement circumstances. The AASB proposed that Canada adopt the same scope as the international standard and, thereby, extend quality control standards to related services engagements, not just assurance engagements as is currently the case; and
  2. at its January 2020 meeting, the AASB noted that it was unable to obtain sufficient feedback from stakeholders on the proposed change in scope. The Board discussed the extent of additional consultations needed to assist it in making an informed decision on this matter. It agreed to hold a workshop(s) in the spring or summer 2020 to allow practitioners to identify implementation challenges and provide the Board with some feedback on the new standard.

Review the minutes on the AASOC's Web site.

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