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IAASB released new and revised Quality Management Standards – now the impact!
- 22 April 2021
- Auditing and Assurance
- South African Accounting Academy
These QM standards aim to promote a proactive, scalable and effective approach to quality management. With an improved focus on the effectiveness of how firms and engagement partners manage quality, these standards are more robust and mark a significant evolution of the current quality control standards. They also address the management of quality by all firms and on all engagements.
Further, this suite of QM standards will drive greater confidence and trust and have also been modernised to take into account emerging trends and technology.
The 3 QM standards issued by the IAASB are:
- International Standard on Quality Management (ISQM) 1, Quality Management for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements (ISQM 1);
- International Standard on Quality Management (ISQM) 2, Engagement Quality Reviews (ISQM 2); and
- International Standard on Auditing (ISA) 220 (Revised), Quality Management for an Audit of Financial Statements (ISA 220 (Revised)).
Click here to download the standards:
- https://www.ifac.org/system/files/publications/files/IAASB-Quality-Management-ISQM-1-Quality-Management-for-Firms.pdf
- https://www.ifac.org/system/files/publications/files/IAASB-Quality-Management-ISQM-2-Engagement-Quality-Reviews.pdf
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