Qlty. Mgt: Impacts of CSQM 1&2-Non Assurance Services

Qlty. Mgt: Impacts of CSQM 1&2-Non Assurance Services
Distance Learning (DL) courses are sessions that have been recorded from live, in-person offerings and made available as on-demand videos online, along with any corresponding course materials. Note these are purely self-study products and there will be no access to instructors for questions and answers. Each title qualifies for verifiable CPD hours upon successful completion of a quiz at the end of the session. Unlimited quiz attempts are available until the passing grade of 70% or better is achieved. After this, you will no longer have access to the quiz.




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DL22230311

Recorded: November 2021 

Currently, under s.9200, non-assurance practitioners providing compilations services are not required to document and maintain a quality assurance manual (QAM) in compliance with CSQC 1. However, non-assurance practitioners who perform compilations under the soon-to-be-effective CSRS 4200 will be required to comply with CSQM 1 and 2. The standard sets out what is needed in a firm's quality control systems to achieve quality objectives and manage risks.  CSQM 2 provides guidance on engagement quality reviews. 

Compliance with CSQMs will represent a significant change for non-assurance practitioners.  It is in the best interest of non-assurance practitioners to understand these changes as soon as possible. The seminar will use case studies and provide examples to prepare practitioners for the adoption of the CSQMs.

This seminar will help non-assurance practitioners understand the International Standards on Quality Management (CSQM) 1 and 2.  Non-assurance practitioners who perform compilations under the soon-to-be-effective CSRS 4200 will be required to comply with CSQM 1 and 2. Understanding the ISQMs as soon as possible allows non-assurance practitioners to identify and address risks to their practice and get a head start on compliance.

LEARNING OBJECTIVES
By the end of this seminar, participants will be able to:

  • Identify all their non-assurance services to determine if they are required to comply with CSQM 1 and 2.
  • Define the seven quality objectives to ensure compliance with CSQM 1.
  • Determine at least two additional quality objectives and quality risk to ensure compliance with CSQM 1.
  • Develop at least two responses to identified quality risks.
  • Identify when an engagement quality review is required for all of their current assurance engagements.

CONTENT

  • What types of non-assurance engagements does CSQM 1 and 2 apply to
  • Why and when are non-assurance practitioners required to comply with the CSQMs
  • Defining the seven quality objectives in CSQM 1
  • Identifying additional quality risks at your firm
  • Case study: Developing responses to identified quality risks
  • Identifying when an engagement quality review is required
  • SMART (specific, measurable actionable, realistic, and timely) action steps to prepare for CSQM 1 and 2

WHO WILL BENEFIT
The seminar is intended for professionals performing non-assurance services, specifically compilations of financial statements under CSRS 4200 (effective for compiled financial information for periods ending on or after December 14, 2021).

CPD- 1 Hour
When
4/1/2022 - 3/31/2023 11:59 PM
Where
On-demand