Countdown to the Suite of Quality Management Standards Effective Date

03 August 2022
Auditing and Assurance
South African Accounting Academy

The IRBA adopted the suite of Quality Management Standards in March 2021, following their issue by the International Auditing and Assurance Standards Board in December 2020.

Systems of quality management in compliance with International Standard on Quality Management (ISQM) 1 are required to be designed and implemented by 15 December 2022.
The evaluation of the system of quality management required by paragraphs 53-54 of ISQM 1 is required to be performed within one year following 15 December 2022.
ISQM 2 is effective for audit and reviews of financial statements for periods beginning on or after 15 December 2022.
International Standard on Auditing (ISA) 220 is effective for audits of financial statements for periods beginning on or after 15 December 2022.

Registered auditors should further note that there are also conforming amendments are also effective as of 15 December 2022, in line with the suite of Quality Management Standards.

Click here to download the IRBA Communiqué:

https://www.irba.co.za/upload/67_%20Communique_Reminder_ISQM%20Effective%20Date.pdf

Relevance to Auditors, Independent Reviewers & Accountants:

As an auditor and independent reviewer, you need to consider the IAASB’s new Quality Management Standards,
You should be aware of the relevant IRBA Pronouncements that have been aligned to conforming and consequential amendments to the Other International Standards, so that you can refer to the content during the performance of your engagements.

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