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QUALITY CONTROL (QC)Completed File Monitoring (CFM) Services

Per CSQC 1 (Canadian Standards on Quality Control), a key component of a CPA firm’s system of quality control is monitoring (CSQC 1 par.16). Sheriff Consulting offers monitoring services that involve the review of a completed assurance file (audit and review). The review will provide detailed written and verbal feedback on how your firm can further improve on documentation for purposes of meeting the assurance standards, your firm’s quality control policies as well as efficiency (e.g. improving cost recovery).

 

LIVE WEBINARAssurance Technical Update 2020 (2 hrs)

In this webinar, we will discuss significant pronouncements by the AASB (Auditing and Assurance Standards Board) and their implications for assurance practitioners.We will also provide action steps to help practitioners affected by current or soon to be effective changes to the assurance standards.These include significant changes to the Canadian Standards on Quality Control, the Canadian Auditing Standards and the Compilation Standards

LIVE WEBINARAssurance Technical Update 2020: Non-audit engagements (1.5 hrs)

In this webinar, we will discuss significant pronouncements by the AASB (Auditing and Assurance Standards Board) and their implications for assurance practitioners. We will also provide action steps to help practitioners affected by current or soon to be effective changes to the assurance standards. These include significant changes to the Canadian Standards on Quality Control and the Compilation Standards.

LIVE WEBINARThe revised Canadian Auditing Standards 315: Key changes (2 hrs)

In this webinar, we will examine the key changes to the revised Canadian Auditing Standards (CAS) 315 Identifying and Assessing the Risks of Material Misstatement. The revisions to this standard will result in significant changes to the audit planning and risk assessment process for all audits. This revised CAS will be effective for audits of financial statements on or after December 15, 2021.

Key changes include:

  • Enhanced guidance on the auditor’s understanding of internal controls
  • Introduction of new IT-related concepts (including data analytics)
  • New concepts and terms related to risk assessment, such as stand-back and spectrum of inherent risk

It is strongly recommended that audit practitioners understand these key changes to CAS 315 as soon as possible as they will significantly affect all firms’ audit methodologies.

LIVE WEBINARProposed Canadian Standard on Quality Management (CSQM 1 and 2) : Key changes (1 hr)

In this webinar, we will examine the Canadian Standard on Quality Management (CSQM) 1 and CSQM 2, which is proposed to replace the Canadian Standard on Quality Control (CSQC 1).

CSQM 1 provides a new approach to quality management at the firm level including guidance on a risk assessment process.  The standard sets out what is needed in a firm’s quality control to manage the quality of engagements performed by the firm.  CSQM 2 provides guidance on engagement quality reviews.  Guidance for both quality management and engagement quality reviews are currently contained in CSQC 1.

The webinar will examine key differences between CSQM 1 and 2 compared to CSQC 1 to help firms prepare for the future transition to the new quality management standards.