CPA Canada has released the 9th update to its Quality Assurance Manual (QAM) publication which is a package of materials, templates and worksheets designed to help firms comply with Canadian quality control standards.
The most significant aspect of this update is the inclusion of material that addresses the new review engagement standard, CSRE 2400. As this new standard will significantly impact most small to medium sized practices you should consider amending and updating your manual in the near future.
This update of the QAM also provides new and improved tools to perform the ongoing policy monitoring function that firms are required to carry out on an annual basis. In particular, sample completed worksheets have been provided to illustrate the documentation for interviews held by the monitor with the Firm’s leaders and personnel, and for ongoing quality monitoring. The following is a listing of some of the materials that have been updated:
- Part A – Requirements and Solutions – has been updated to include material pertaining to CSRE 2400, some minor changes made the CPA Code of Professional Conduct / Code of Ethics, as well as additional guidance for engagement quality control reviews (EQCR), ongoing monitoring and completed file monitoring.
- Part B – Sample Quality Assurance Manuals and Appendices – now includes EQCR worksheets for review engagements completed under the new CSRE 2400 standard.
- Part C – Practice Aids – now includes completed file monitoring worksheets for review engagements completed under the new CSRE 2400 standard as well as several samples of various completed worksheets.