CPA Canada has prepared an implementation tool for practitioners to assist with the implementation of the Canadian Standard on Quality Management (CSQM) 1, Quality Management for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements.
THE TOOL INCLUDES:
- questions and answers to understand the impact of the CSQM 1 on your firm
- an overview of the risk assessment process, including considerations for designing and implementing responses to identified quality risks
- example scenarios
- factors to consider in evaluating the system of quality management
- tips on what you can do to prepare for CSQM 1
More information on the tool can be found here