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What’s New - QAM Update #4

What’s New - QAM Update #4. EFFECTIVE IMPLEMENTATION OF YOUR FIRM’S QUALITY CONTROL SYSTEM. Author Stuart Hartley, FCA . Overview of QAM Update #4 Substantially rewritten and expanded to address the changes in Canadian Standards on Quality Control ( CSQC 1) and CAS 220

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What’s New - QAM Update #4

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  1. What’s New - QAM Update #4 EFFECTIVE IMPLEMENTATION OF YOUR FIRM’S QUALITY CONTROL SYSTEM Author Stuart Hartley, FCA

  2. Overview of QAM Update #4 Substantially rewritten and expanded to address the changes in Canadian Standards on Quality Control (CSQC 1) and CAS 220 Key features: • Four updated sample Quality Assurance Manuals • More guidance to help firms customizethesample manuals • Optional best practicetext shaded in sample policies • Core chapters provide commentary on each sample policy

  3. Overview of QAM Update #4 Key areas addressed: • Clarifies what is involved in monitoring • Includes more guidance in the policies (e.g., planning the Engagement Quality Control Review or EQCR) • Requires name of person responsible for policies vs. “the firm is responsible” • Provides suggestions on how to document compliance with CSQC 1 and CAS 220 • Addresses reporting issuers (listed entities)

  4. Structure of QAM

  5. Part A: The Standards and QAM Chapters

  6. Part A: Table of Contents

  7. Part B: Sample Quality Assurance Manuals • Sole Practitioner with No Staff • Sole Practitioner with Staff • Small or Medium-Sized Partnership • Partnership with Audits of Listed Entities/Reporting Issuers

  8. Maintaining the Quality Control System

  9. The Two Types of QC Monitoring • Ongoing Policy Monitoring (OPM) • Firms can self monitor • Daily compliance with Firm’s QAM • Annual report to managing partner on findings • Recommendations for improvement • Completed File Monitoring (CFM) • Minimum one file inspected per partner every three years • Inspector can have NO involvement with file being reviewed • Discuss specific deficiencies with engagement partner • Report to managing partner on findings and provide recommendations

  10. Sample Quality Assurance Manuals

  11. Sample Policies & Best Practice

  12. Compliance Documentation

  13. Part C: Practice Aids

  14. QAM Update #4will help your firm • Understand the requirements of CSQC 1 and CAS 220 • Develop a customized Quality Assurance Manual for the firm • Assign leadership roles • Document the firm’s ongoing compliance with its quality control policies • Organize, perform and prepare monitors’ reports for: • ongoing policy monitoring (OPM) • completed file monitoring (CFM) • Continually improve your firm’s system of quality control

  15. CICA Professional Resources • Quality Assurance Manual (QAM) • Canadian Professional Engagement Manual (C•PEM) • CICA C•PEM Electronic Templates • Model Financial Statements • Accounting Standards for Private Enterprises (ASPE) • Not-for-Profit Organizations www.castore.ca

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