Quality Management Standards

Updated: December 11, 2024

Preparing for the new quality management standards: An overview for Canadian practitioners.
THIS is a critical time in the Canadian accounting profession for chartered professional accountants in public practice. Many accounting standards are evolving, with none perhaps more important than the recently approved suite of quality management standards.

New quality management standards, both at the firm and engagement levels, could impact all practitioners. Our free guidance materials will help you implement these changes and advise your teams on the desired outcomes.

The standard represents a major transformational move that affects all types of audits, reviews or assurance engagements.

In late 2020, the International Auditing and Assurance Standards Board (IAASB) issued three new and revised quality management standards. The standards strengthen and modernize how a firm of any size or level of complexity approaches quality management.

Inside the Free Risk Assessment Planner, you'll discover:

Amid growing stakeholder expectations and a need for quality management systems that are proactive and adaptable, three interrelated standards have been introduced to strengthen and modernize how firms approach quality management.

Three new and revised standards strengthen and modernize the audit firm’s approach to quality management. Through the standards, the IAASB is addressing an evolving and increasingly complex audit ecosystem, including growing stakeholder expectations and a need for quality management systems that are proactive and adaptable.
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