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In effect December 15, 2009 Overview For many years, Canada’s auditing standard setters have been involved with the efforts of the International Auditing and Assurance Standards Board (IAASB) to develop global auditing and quality assurance standards. These efforts have culminated in the development of reformatted, and in some cases, revised: - International Standards on Quality Control (ISQC) for firms.
- International Standards on Auditing (ISAs) for the audits of financial statements and other historical financial information for all entities; and
Together, these new standards provide a basis on which auditors worldwide may conduct high-quality, consistent and comparable audits. The Canadian Auditing and Assurance Standards Board (AASB) is adopting ISQC 1, Quality Control for Firms, as CSQC 1, effective December 15, 2009, which will apply to all firms performing assurance engagements. The Auditing and Assurance Standards Board is also adopting ISAs as Canadian Auditing Standards (CASs) for the audits of financial statements. Once effective, the CASs will constitute Canadian generally accepted auditing standards (GAAS) for financial statement audits. No decision has yet been made on adopting international standards for other assurance engagements such as reviews and compilations. Who is affected? The new Canadian Quality Control Standard for Firms or CSQC 1 will apply to all firms performing assurance engagements. Timeline for Change The change to the quality control standard for firms takes effect December 15, 2009. All firms that provide assurance services need to establish a system of quality control compliant with CSQC 1 by December 15, 2009. 
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