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IFAC Quality Management Series: Small Firm Implementation – Installment Two
- 18 August 2023
- Accounting
- South African Accounting Academy
It provides a step approach to identifying your quality objectives; completing your quality risk assessment process; identifying existing, or creating new, responses to those quality risks; and implementing, documenting, and communicating your system of quality management.
It also:
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Addresses the components 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;
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Contains an example case study to illustrate the transition from the IAASB’s previous quality control standard, International Standard on Quality Control 1, Quality Control for Firms that Perform Audits and Reviews of Financial Statements, and Other Assurance and Related Services Engagements; and
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Includes multiple documentation aids covering independence, acceptance and continuance of clients and engagements, resources, and outside consultation, as well as a sample checklist for engagement quality reviews.
Installment One of the series addressed the mindset change the new standards require and the shift in focus from quality control to quality management - refer to our Technical Alert of 14 December 2022.
Installment Three, expected later this year, will cover monitoring and remediation.
Click here to download the Guidance document:
Relevance to Auditors, Independent Reviewers & Accountants:
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Audit firms had to implement the suite of quality management standards which were issued in December 2020 and came into effect on 15 December 2022.
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Auditors, Independent Reviewers and Accountants should be aware of the latest publications and guidance issued by regulators and standard-setting boards, such as IFAC, the IAASB, etc.
Relevance to Your Clients:
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None