Quality Management Guide (QMG) |  |
 | The Quality Management Guide (QMG) a comprehensive, peer-reviewed approach to guide practitioners in adhering to the relevant standards and support the effective evaluation, design, implementation, and maintenance of your firm’s system of quality management (SOQM).
The Quality Management Guide (QMG) replaces its predecessor, the Quality Assurance Manual (QAM). This important change will help practitioners better navigate their approach to risk assessment and make informed decisions about quality management that are in alignment with updated compliance requirements and current best practices.
A key element of QMG that differs from QAM is the coverage of entirely new material regarding Canadian standards on quality management. This includes a clear mandate for firms that perform assurance engagements to design and implement a system of quality management by December 15, 2022 – and for firms performing only related services engagements, by December 15, 2023.
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Quality Management Guide (QMG) includes access to the following title(s):
The QMG will help your firm:
- understand the requirements of CSQM 1 and 2
- develop a customized SOQM for your firm
- assign leadership roles and responsibilities
- identify and assess quality risks for your firm and the engagements you perform
- document your compliance with your quality management policies and procedures
- monitor your SOQM and identify and remediate deficiencies identified
- continually improve your firm’s SOQM
- evaluate your SOQM on an annual basis
QMG is comprised of:
- application guidance
- “how to” implement the requirements including:
- establishing roles and responsibilities
- establishing and performing the risk assessment process
- responding appropriately to identified quality risks
- establishing and performing the monitoring and remediation process
- evaluating the SOQM
- core practice aids
- The forms necessary to successfully apply Canadian Standards on Quality Management (CSQM) and Canadian Auditing Standards (CAS)
- Specifically: CSQM 1, CSQM 2
- supplemental practice aids
- Forms, checklists, letters, libraries and worksheets to help implement the SOQM
- Sample policies and procedures to address potential quality risks
- case study
- learn from a sample firm with circumstances that demonstrate real-life implication
- see how a SOQM is designed using the core practice aids to meet the requirements of CSQM 1
More helpful resources for your practice
The Professional Engagement Guide (PEG)
Practice management, advisory, compilation and tax Guide (PACT)
The CAS Proficiency Series
Model Financial Statements – Private Enterprises
Model Financial Statements – Private Sector NFPO
Model Financial Statements – IFRSPublication Date: 2022 |
