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CSQM 2, Engagement Quality Reviews

Ef­fec­tive date:

CSQM 2 is effective for audits and reviews of financial statements for periods beginning on or after December 15, 2022 and for related services engagements beginning on or after on December 15, 2023.

Overview

This standard CSQM 2 replaces material previously addressed in Canadian Standard on Quality Control (CSQC) 1, Quality Control for Firms that Perform Audits and Reviews of Financial Statements, and Other Assurance Engagements.

CSQM 2 sets out requirements relating to: (i) the appointment and eligibility of the engagement quality reviewer; and (ii) the engagement quality reviewer's responsibilities relating to the performance and documentation of an engagement quality review.

CSQM 2 is effective for:

  • audits and reviews of financial statements for periods beginning on or after December 15, 2022;
  • other assurance engagements beginning on or after December 15, 2022; and
  • related services engagements beginning on or after December 15, 2023.

His­tory of CSQM 2

Date

Development

Comments

May 1, 2021

Issued to replace CSQC 1 as part of the new Audit Quality Management standards.  See Completed Project.

Effective for audits and reviews of financial statements for periods beginning on or after December 15, 2022 and for related services engagements beginning on or after on December 15, 2023.

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

Amend­ments un­der con­sid­er­a­tion

  • None

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.