Effective implementation of your firm`s quality control system
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Transcript Effective implementation of your firm`s quality control system
What’s New - QAM Update #4
EFFECTIVE IMPLEMENTATION OF YOUR
FIRM’S QUALITY CONTROL SYSTEM
Author
Stuart Hartley, FCA
Overview of QAM Update #4
Substantially rewritten and expanded to address the
changes in Canadian Standards on Quality Control (CSQC 1) and CAS 220
Key features:
Four updated sample Quality Assurance Manuals
More guidance to help firms customize the sample manuals
Optional best practice text shaded in sample policies
Core chapters provide commentary on each sample policy
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Overview of QAM Update #4
Key areas addressed:
Clarifies what is involved in monitoring
Includes more guidance in the policies (e.g., planning the
Engagement Quality Control Review or EQCR)
Requires name of person responsible for policies vs. “the firm is
responsible”
Provides suggestions on how to document compliance with CSQC 1
and CAS 220
Addresses reporting issuers (listed entities)
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Structure of QAM
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Part A: The Standards and QAM Chapters
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Part A: Table of Contents
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Part B: Sample Quality Assurance Manuals
1.
2.
3.
4.
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Sole Practitioner with No Staff
Sole Practitioner with Staff
Small or Medium-Sized Partnership
Partnership with Audits of
Listed Entities/Reporting Issuers
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Maintaining the Quality Control System
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The Two Types of QC Monitoring
1. Ongoing Policy Monitoring (OPM)
Firms can self monitor
Daily compliance with Firm’s QAM
Annual report to managing partner on findings
Recommendations for improvement
2. Completed File Monitoring (CFM)
Minimum one file inspected per partner every three years
Inspector can have NO involvement with file being reviewed
Discuss specific deficiencies with engagement partner
Report to managing partner on findings and provide
recommendations
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Sample Quality Assurance Manuals
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Sample Policies & Best Practice
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Compliance Documentation
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Part C: Practice Aids
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QAM Update #4 will help your firm
Understand the requirements of CSQC 1 and CAS 220
Develop a customized Quality Assurance Manual for the firm
Assign leadership roles
Document the firm’s ongoing compliance with its quality control policies
Organize, perform and prepare monitors’ reports for:
ongoing policy monitoring (OPM)
completed file monitoring (CFM)
Continually improve your firm’s system of quality control
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CICA Professional Resources
Canadian Professional Engagement Manual (C•PEM)
CICA C•PEM Electronic Templates
Model Financial Statements
Accounting Standards for Private Enterprises (ASPE)
Not-for-Profit Organizations
CAstore.ca
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