EVENT DESCRIPTION

NOTE: No updates or changes were made to the 2020 version of this course. If you completed the course in 2019, please be advised the 2020 course material has not changed. If you have any questions, please contact pdevents@cpaontario.ca

Under the Canadian Standards for Quality Control (CSQC1), all firms who report on assurance engagements are required to complete annual monitoring. Annual monitoring, which differs for cyclical monitoring and practice inspection, can be performed in-house by a partner or a senior staff member. This seminar has been created to provide sole practitioners and small firms with the opportunity to complete annual monitoring. During the seminar, practitioners will review the firm’s quality control documentation as well as completed engagement files. Participants are required to bring the necessary material to the session (see special note above), preferably on an electronic device with full access to the required information.

Practitioners must have access to the following material in class, either in hardcopy or on a laptop:

  • Most current version of the firm’s quality control manual
  • Annual staff sign-offs for confidentiality, independence and performance reviews
  • A number of finalized assurance engagement files (recommend four per engagement partner of both reviews and/or audits)
  • Copy of the most current practice inspection report and action plan
  • Copy of the most current cyclical monitoring report and action plan
  • Summary of the firms completed or scheduled CPD

LEARNING OBJECTIVES:

By the end of this course, participants will be able to:

  • Identified all updates required for the firm’s quality control manual
  • Identified, at a high level, all upcoming changes in assurance that relate to quality control
  • Created an annual CPD work plan for all partners and staff
  • Reviewed a sample of the firm’s completed assurance engagements
  • Documented the firm’s annual monitoring results
  • Created an action plan based on annual monitoring findings

TOPICS INCLUDE:

Topics covered in this course include:

  • Annual Monitoring
  • Quality Control Manual – Annual Update of Firm’s Policies and Procedures Assurance Manual
  • Monitoring of Firm Specific Requirements
  • Monitoring of Engagement Specific Requirements
  • Findings and Action Plan

WHO WILL BENEFIT:

Sole practitioners and partners of small firms who are responsible to complete the firm’s annual quality control monitoring, as well as senior staff who assist the quality control partner in meeting the annual monitoring requirements. The course is designed for sole practitioners and small firms and will not address any requirements when services are provided to publicly accountable entities.