Registering as an audit firm is a significant step, and many firms are unsure what is required of them before, during and after registration. This session walks through the registration process from start to finish, explains what your system of quality management needs to look like at the point of registration, and sets out what you can expect once you are on the register, including inspections. You will leave with a clear picture of the steps ahead and a practical preparation checklist.
1. The registration process
o Steps from application to registration
o Documents and information you will need to submit
o Common delays and how to avoid the
2. What ISQM 1 requires of a new firm
o Why a system of quality management must be in place from the start
o The components of the system and how they fit together
o Scaling the system for small firms and sole practitioners
3. Getting your documentation ready
o Firm-specific risk assessments and responses
o Why a copied or generic manual does not work
o Who in the firm takes ownership of each area
4. Life after registration
o Ongoing obligations and annual requirements
o Monitoring and the annual evaluation of your system
o What to expect from an inspection and how to prepare for it
• Firms planning to register with IRBA
• Sole practitioners and partners of small firms considering registration
• Individuals who will be responsible for quality management in a newly registering firm
