Annual quality management update for accounting firms
CPD Hours: 2
Price: R450.00
Annual quality management update for accounting firms
Presenters : Lettie Janse van Vuuren CA(SA)
Overview
Staying compliant with International Standards of Quality Management (ISQMs) is critical for accounting firms, audit practices, and assurance professionals. This webinar highlights the importance of understanding and implementing ISQM 1, along with staying up to date with recent regulatory developments, inspection findings, and enforcement actions. Designed to provide practical insight into quality management systems, this session will explore the transition from ISQC 1 to ISQM 1, clarify the impact of related standards like ISQM 2 and ISA 220, and examine key findings from the IRBA’s latest reports. Accounting professionals will be empowered to evaluate and improve their systems of quality management, ensuring they remain compliant and prepared for inspections or regulatory scrutiny.
Join Lettie Janse van Vuuren CA(SA) as she unpacks the critical updates to quality management standards, examines firm-level deficiencies, and provides practical guidance on implementing robust quality management systems across assurance and non-assurance engagements.
Learning objectives
Attending this webinar will equip you with the following skills:
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Understand the key objectives, documentary requirements and key characteristics of Quality Management;
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Recognise the major changes introduced by ISQM 1 compared to the previous ISQC 1 standard and understand their impact on your practice's Quality Management practices
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Be aware of the requirements of ISQM 1 and the relationship to and impact of ISQM 2 and ISA 220;
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Be aware of the latest IRBA Enforcement Report and IRBA Public Inspection findings regarding Quality Management – especially at firm level;
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Be aware of relevant recent changes affecting Quality Management.
Content
The webinar will cover the following topics:
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Introduction:
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Importance and Definition of quality management
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Applicability to various types of engagements and firms/practices
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Key characteristics and Key objectives of quality management
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Documentary requirements
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Major changes introduced by ISQM 1 compared to the previous ISQC 1
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Quality Management vs Quality Control
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Impact on leadership
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Monitoring of your Quality Management systems
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Requirements of ISQM 1 and the relationship to and impact of ISQM 2 and ISA 220
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Key provisions of ISQM
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Relevance of ISQM 2 and ISA 220
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The impact of Quality Management on engagements and the firm/practice
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Who is responsible for Quality Management and how to improve it
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How to set up a Quality Management System
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Examples of common firm-specific quality risks
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Findings of recent IRBA reports on quality management:
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IRBA 2024 Public Inspections Report
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Key observations and recurring deficiency
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Root cause analysis & Remedial action
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IRBA Enforcement Report
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Non-compliance with international standards/requirements
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Learnings & Recommendations
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Recent changes
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New IRBA QM Rules
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Future support by the IRBA
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Relevant articles by regulators and other relevant roleplayers
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Conclusion.
