External Monitoring and Peer to Peer Review
Under the Canadian Standards on Quality Control, otherwise known as CSQC1,
All accounting firms performing assurance engagements are required to establish certain monitoring processes. We have the experience and the knowledge to help other firms comply with these requirements efficiently and cost-effectively. In particular, we can assist with:
- Annual ongoing monitoring: Firms must assess their quality control system annually and prepare reports on their findings. While firms can undertake this process themselves, they may not have an individual on staff with the requisite qualifications or the time to complete the assessment. We have the expertise and the experience to offer these services.
- Cyclical inspection of completed files: At lease once every three years, at least one engagement per partner must be inspected. We have years and years of extensive hands on experience reviewing engagement files. The benefits of hiring our firm to complete this cyclical inspection include:
- Ensuring your firm’s compliance with the required cyclical inspection
- Identifying file deficiencies and firm training needs
- Selecting someone to provide guidance on accounting and assurance issues
When the inspection is complete, we provide a report of our findings with recommended corrective actions.