The new quality standards have been effective from 15 December 2022. Has your firm been implementing the requirements?
The revised quality management standards apply to all firms that perform audits or reviews of financial statements, or other assurance or related services engagements, and aim to enhance practice management and quality management of engagements.
Join us for this two-day course as we focus on the practical implementation of ISQM 1 and review the first few months and how firms have implemented quality in 2023. Whether you have started your implementation or not, this course will benefit your firm.
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• What is a quality management system
o How does it tie in with Practice management
o How have firms been implementing this
o The importance of quality and the benefits of a system of quality management
• What does this system of quality management look like
• The risk-based approach
o Identifying quality objectives for your firm
o Identifying and assessing the risk to these quality objectives based on the nature and circumstances of the firm
o Implementing responses over these risks
o Documentation of risk assessment process for each of the components of quality management
• I have started implementation, what now?
• Monitoring and evaluation of the quality management system
o Root cause analyses
o Responding to deficiencies identified
