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smaller firms may wish to establish arrangements to share resources with other appropriate organizations and thereby facilitate certain monitoring activities. Other changes that primarily reflect matters that were formerly non-italicized paragraphs in extant GSF-QC. In addition to the changes in requirements noted above

CSQC 1 contains additional or more stringent requirements regarding: • acceptance or continuance of an engagement when a potential conflict of interest is identified [paragraph 27(b)]; review responsibilities in an engagement [paragraph 33]; specific engagement quality control review procedures regarding discussion of significant matters and review of financial tatements or other subject matter information and the proposed report [paragraphs 37(a) and (b)]; engagement quality control review procedures specific to audits of financial statements of listed entities [paragraph 38]; maintaining of engagement quality control reviewer’s objectivity and the firm’s response when the objectivity is impaired [paragraphs 40 and 41]; assembly of the final engagement files on a timely basis after the engagement reports have been finalized [paragraph 45]; and monitoring procedures specific to the circumstance where firms within a network operate under common monitoring policies and procedures and these firms place reliance on such a monitoring system [paragraph 54]. • • • • • • Overview and Comparisons The Existing CICA Handbook – Assurance — CASs and CSQC 1 43 OTHER MATTER(S) Rotation of Senior Personnel For audits of financial statements of listed entities

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