IAASB's New QM Implementation Guides
Presenters : Lettie Janse van Vuuren CA(SA)
Overview
The IAASB's “Suite of Quality Management (QM) Standards” effective from 15 December 2022 are everyone's point of discussion.
The Staff of the IAASB have released two first-time implementation guides to help stakeholders understand and apply, namely ISQM 1 - Quality Control for Firms that Perform Audits and Reviews of Financial Statements and Other Assurance and Related Services Engagements, and ISQM 2 - Engagement Quality Reviews.
Many might think they still have a lot of time before then but firms are required to have their system of quality management designed and implemented by the effective date! Also, practitioners are strongly encouraged to plan early for appropriate implementation, given the potential impact of the changes to systems of quality management.
Learning objectives
By the end of this webinar you will understand:
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ISQM 1 through a comprehensive recap including its 8 components and other requirements;
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The need for more robust governance and leadership;
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The risk-based approach focused on achieving the quality objectives;
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The need to be proactive in monitoring of the whole system as well as timely and effective remediation; and
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Available resources and also how to fully apply aspects of the new standards.
Content
The webinar will cover the following topics:
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Quick recap of ISQM 1:
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The 8 components discussed.
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Other important requirements.
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The need for more robust governance and leadership.
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Achieving quality objectives through a risk-based approach.
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Proactive monitoring of the system.
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Timely and effective remediation.
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Practical application of ISQM 1 based on firm complexity.
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