Implementing the IAASB’s Quality Management Standards

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Implementing the IAASB’s Quality Management Standards

• 23 February 2023
• Accounting
• South African Accounting Academy

The following materials are available that can provide guidance and support.

• IAASB
  • Basis for Conclusions & Factsheets – ISQM 1, ISQM 2, ISA 220
  • First Time Implementation Guides – ISQM 1, ISQM 2, ISA 220
• IFAC Quality Management Series: Small Firm Implementation, Installment One addressing the mindset change the new standards require and the shift in focus from quality control to quality management
• IFAC panel discussions on getting ready for the new risk-based approach and early lessons learned
• Three-part article series on ISQM1

Click here to access the resources:

https://www.iaasb.org/focus-areas/quality-management?utm_source=Main%20List%20New&utm_campaign=97b47cf08f-IFAC-quality-management-standards-email&utm_medium=email&utm_term=0_c325307f2b-97b47cf08f-80727052

Relevance to Auditors, Independent Reviewers & Accountants:

• 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.
• Auditors, Independent Reviewers and Accountants should be aware of the latest publications and guidance issued by regulators and standard-setting boards, such as the IAASB.

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