The following Quality Management Standards have been approved by the Institute on 17 September 2021 and circulars have been sent out to members and member firms on 27 October 2021. You can access these standards herein:
These new standards will strengthen and modernise the audit firm’s approach to quality management by addressing an evolving and increasingly complex audit ecosystem including growing stakeholder expectations. These standards will also promote a quality management system that are proactive and adaptable over time.
By complying with these new standards, audit firms will improve the robustness of their monitoring and remediation process, embed quality into their corporate culture and setting the right “tone at the top” and improve the engagement quality reviews for those relevant engagements.
These standards will come into effect on 15 December 2022, in line with all major jurisdictions adopting the ISQM and ISAs.
First Time Implementation Guide
To help firms to start their quality management journey, the following guides are being reproduced here for reference of members. They are:
Webinar
The Quality Management webinar series, hosted by the IAASB in collaboration with IFAC, takes a deep dive into aspects of the IAASB’s International Standard on Quality Management 1, Quality Management for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements.
The webinar series focused on:
- Webinar One: All You Need to Know about the Firm’s Risk Assessment Process
- Webinar Two: Resources: Expectations for Firms and Engagement Partners
- Webinar Three: What’s New for Firms’ Monitoring and Remediation Processes
- Webinar Four: Bringing it All Together: Exploring all the Components of a Quality Management System
You can access the webinars and the slides in used here: Quality Management Webinar Series | IFAC (iaasb.org)
The Institute organised a webinar series to share with the audit firms the new Quality Managements standards and to promote the adherence of these high-quality standards by member firms. The highlights of the webinars have been curated for the benefit of firms, especially Small and Medium Practices (SMPs). You can access the webinar series here:
Fact Sheets
The following fact sheets are available for download:
Small Firm Implementation
The International Federation of Accountants (IFAC) released three-part publication series to help small- and medium-sized practices (SMPs) implement the suite of quality management standards. The following installments are available for download:
- Installment One: It is time to get ready for the new quality management standards
- Installment Two: Developing a Detailed Implementation Plan
- Installment Three: Monitoring and Remediation
The conforming amendments to ISAs and related material arising from the quality management projects: Conforming Amendments to ISAs and Related Material Arising from the Quality Management Projects
The conforming and consequential amendments to the IAASB’s other standards as a result of the new and revised quality management standards: Conforming and Consequential Amendments to the IAASB’s Other Standards as a Result of the New and Revised Quality Management Standards
In addition, our Professional Development department will be organising various quality management courses. You can check out more details here: MIA Professional Development Trainings.
