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CSQC 1, Quality Control for Firms that Perform Audits and Reviews of Financial Statements, and Other Assurance Engagements

Ef­fec­tive date:

Systems of quality control in compliance with this CSQC are required to be established by December 15, 2009. CSQC 1 is effective from that date, except for subsequent amendments.

[Canadian Standard on Quality Control (CSQC) 1, Quality Control for Firms that Perform Audits and Reviews of Financial Statements, and Other Assurance Engagements, should be read in con­junc­tion with CAS 200, Over­all Ob­jec­tives of the In­de­pen­dent Au­di­tor and the Con­duct of an Au­dit in Ac­cor­dance with Cana­dian Au­dit­ing Stan­dards.]

Overview

This Canadian Standard on Quality Control (CSQC) deals with a firm's responsibilities for its system of quality control for audits and reviews of financial statements, and other assurance engagements. This CSQC is to be read in conjunction with relevant ethical requirements.

Other pronouncements of the Auditing and Assurance Standards Board (AASB) set out additional standards and guidance on the responsibilities of firm personnel regarding quality control procedures for specific types of engagements. CAS 220, for example, deals with quality control procedures for audits of financial statements.

The objective of the firm is to establish and maintain a system of quality control to provide it with reasonable assurance that: (a) the firm and its personnel comply with professional standards and applicable legal and regulatory requirements; and (b) reports issued by the firm or engagement partners are appropriate in the circumstances. A system of quality control consists of policies designed to achieve this objective and the procedures necessary to implement and monitor compliance with those policies.

His­tory of CSQC 1

Date

Development

Comments

December 2010

Paragraphs 36, 42(b) and 44(b) were revised in December 2010 to reflect that engagement quality control reviews for all assurance engagements are to be completed on or before the date of the practitioner's report.

The revised requirements are effective for assurance engagements the subject matter of which covers periods ending on or after December 14, 2010.

Note: The above summary does not include details of consequential amendments made as the result of other projects.

Amend­ments un­der con­sid­er­a­tion

Correction list for hyphenation

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