**Please note that this course is not intended for U.S. customers, is not NASBA compliant, and is not eligible for CPE credit**
All firms performing related services engagements, which includes compilation engagements, were required to have systems of quality management (SoQM) designed and implemented in accordance with CSQM 1 by December 15, 2023. (Phase 1)
The evaluation of the SoQM is due one year later. Unfortunately, many firms have not completed the first Phase and prepared a new quality management manual, let alone implemented the policies. Many firms performing audit and review engagements have not performed their annual monitoring for 2023. While there is guidance out there, such as CPA Canada’s Quality Management Guide, firms are struggling with the guidance, checklists and materials.
Failure to document their SoQM, i.e. prepare a manual and evaluate the SoQM annually will result in significant reportable deficiencies and in our experience as monitors lead to an automatic re-inspection.
Join Marcus Guenther, CPA, CA, partner at Focus HGK LLP for an in depth look at what professional accounting firms need to know.
This session will provide an overview of the key CSQM 1 and CSQM 2 requirements and discuss how design and implement a SoQM, including monitoring activities which is required to be completed by the end of the first year, i.e. December 2024.
The session will discuss what is needed to prepare a monitoring plan, execute the monitoring activities and evaluate the findings which will form the basis of your monitors report.