Implementation of the new Quality Management Standards for your Firm

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, we can review your firm documentation and provide you with comments and suggestions.

Alternatively, for those firms who will need to make a time vs. cost trade off to help implement these standards, we will provide you with:

  • 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;
  • Compliance calendar outlining what needs to be completed each year.

What you will need to provide:

  • Confirmation of the Firm’s valid subscription to CPA Canada’s Quality Management Guide [pre October 2023 – note that we are unable to support the Cloud subscription] or the Practice Management, Advisory, Compilations and Tax Guide [PACT];
  • Copy of your current Quality Assurance Manual, if any, 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 through survey links.  

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:

Getting started:

To get started you will need to provide me with some general information about your firm by contacting me or booking a meeting.  Once received we will send you our proposal.

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