This workshop will assist firms that practice exclusively in the non-assurance area to understand, apply, and document their System of Quality Management (“SOQM”) in accordance with the new standard CSQM 1. The participants will identify quality objectives, risks, and responses for a few of the quality objective components during the workshop by completing various workshop-developed forms that have been, in some instances, adapted from the Digitized Quality Management Guide – QMG Cloud (QMG). This course will also demonstrate the application and documentation of the monitoring and remediation process.

This workshop requires active participation by those in attendance. It is a hands-on experience where participants must be actively involved in building their firm’s QMG. Participants are expected to have some knowledge of the new standard, as the objective is to assist the participant in applying the requirements.  Participants will gain experience identifying quality risks and responses and how to start tailoring a monitoring and remediation process applicable to their firm.

The delivery of the material takes the participants through various forms and how they interact with each other to meet the requirements of CSQM 1. During the course, participants will be given time to begin to develop their own QMG documentation. The course is not intended for the participants to complete the documentation of their SOQM but to introduce a methodology that can be used to complete their documentation after the workshop.

Topics Include:

• The firm’s leadership roles and responsibilities.
• The eight components of CSQM 1.
• The engagement-specific quality management requirements in CSRS 4200.
• The nature and circumstances of the firm and its engagements.
• Identifying and assessing quality risks.
• Developing responses for identified quality risks, including using a sample of responses adapted from the QMG.
• The monitoring and remediation process, including an introduction to the development of the nature, extent and timing of monitoring activities.
• Assessing a deficiency as to its severity, pervasiveness and root causes and determining a remedial action.
• Who can be a monitor?
• The documenting the requirement for the annual evaluation of the SOQM.

NOTE: This course description has been revised and reflects updates for 2024. If you have any questions, please contact pdevents@cpaontario.ca.

• December 3, 2024, 8:30 a.m. - 12:30 p.m.
• December 4, 2024, 8:30 a.m. - 12:30 p.m.