Quality Management System Assessments: CPAB issues revised assessment model
Jul 15, 2020
On July 15, 2020, the Canadian Public Accountability Board (CPAB) issued a CPAB Ex-change Bulletin entitled “Quality Management System Assessments: CPAB issues revised assessment model”.
In line with its strategic commitments to enhance regulatory effectiveness and to drive targeted, systemic changes to accelerate audit quality improvements, CPAB has announced that it has evolved its Quality Management System (QMS) assessment criteria and underlying key concepts.
Starting in 2021, CPAB will complete preliminary evaluations of other select annually inspected firms against its QMS assessment criteria to drive a quality culture at those firms. For all other annually inspected firms, CPAB will assess QMS in conjunction with the firms’ implementation of ISQM 1 and ISQM 2. These new standards are expected to be finalized in 2020, with an anticipated 18-month implementation period.
For further details, refer to the CPAB Exchange Bulletin.
