Course Content

About this course

  • $130.00
  • 2 CPD hours
  • January 17, 2023 - 1:00 PM ET

Course Description

CPA Canada released the new Quality Management Guide (“QMG”) in August 2022, with additional guidance to follow in the fall of 2022. Practices performing only compilation engagements were not previously covered under CSQC 1 and therefore in most cases did not have a firm quality assurance manual. The new standard, CSQM1, contain major revisions in terms of methodology and requirements compared to the previous standard and now includes practices that only perform compilation engagements. (i.e. no audits, reviews or other assurance services). This is a significant change in practice and will require firms to design, develop and maintain a SoQM.

CSQM 1 requires firms to adopt a risk-based approach in designing, implementing, and operating the SoQM. In general, this requires a firm to:

  • Establish quality objectives;
  • Identify and assess risks to meet objectives;
  • Design and implement responses to quality risks; and
  • Design a monitoring and remediation program.
  • The focus of this two-hour training session, aimed at compilation only practices, will be to:

  • Understand the requirements of CSQM 1;
  • Review the methodology and elements of the QMG relating to CSQM;
  • Understand and apply the steps, key activities, forms and potential issues need to get to the design and implementation stage of CSQM 1 required by December 2022; and
  • Review the monitoring and remediation activities that will need to be performed in 2023.
  • Instructor(s)

    Marcus Guenther

    Marcus Guenther is a partner in FocusHGK LLP, which provides quality assurance, monitoring, EQCR and other consulting services.

    Relevant experience:

    Marcus an accomplished trainer in accounting and auditing, author and consultant. In particular he:

    • assists many accounting firms in monitoring their quality control systems,

    • authors and presents training courses on accounting and auditing topics, and

    • assists with interpreting and applying professional standards on complex accounting and auditing issues.

    Training:

    Marcus has prepared and presented many accounting and assurance courses for CPA Canada, CPA Ontario, commercial training firms and individual firms over the years.

    Authoring:

    He was the co-author of the CPA Professional Engagement Guide (PEG) and the Quality Assurance Manual (QAM) and has authored other technical publications.