The new quality management standards, in short, are good. They encourage all firms to consider the specifics of their firm, their clients, and the types of engagements they perform when designing the firm’s specific quality control procedures. This allows smaller firms to scale back the processes and procedures to address only those areas which are applicable. Personally, I like the new standards.
However, the blank canvas approach that needs to be taken to document the firms risk assessment process and design the related responses is very time consuming. And the one thing most firms I talk too are short on right now is time at the senior staff levels.
If you need assistance or just cannot seem to find the time necessary for senior staff members to work on this product…we can help! We know firms prefer to use CPA Canada’s subscriptions to help with compliance during practice review, so that is what we are going to do.
How we can help:
For those firms with the time to implement these standards by December 2022, we are supporting you by hosting a live, online CPD session on September 23rd at 8:30am PT where we will go through the new standards and the new CPA Canada Quality Management Guide subscription and provide you with guidance to get started. The costs is $180 and you may register here if you are interested.
- Draft of the firms customized risk assessment with proposed quality management procedures;
- Firm customized copies of documents to be included in your engagement files to comply with the noted quality management procedures;
- Firm customized annual monitoring forms guiding you through your annual review requirements;
- Draft of the firm’s quality management guide outlining the firm’s policies and procedures to present to staff; and
- Proposed monitoring schedule and file selection for completed file reviews.
What you will need to provide:
- Confirmation of the Firm’s valid subscription to CPA Canada’s Quality Management Guide [if you have not already purchased this subscription there is a 20% discount if you order prior to October 31, 2022];
- Copy of your current Quality Assurance Manual and other firm policy manuals such as HR or administrative procedures;
- Most current practice inspection questionnaire provided to CPABC and practice inspection findings, including detailed file comments and related communications; and
- Firm specific information that will be obtained by scheduling a 1 ½ hour call together, or if you prefer, we will send you 4 surveys over a period of 4 weeks that may be completed as time is available.
The level of documentation varies depending on the number of partners, type of public practice licenses held and staffing compliment, as such so will the costs:
To get started you will need to provide me with some general information about your firm by contacting me. Once received we will send you our engagement letter and request a deposit.