ISQM1 and quality control for audits
Presenters : Nestene Botha CA(SA)
Overview
The growing complexity of audit engagements and increasing regulatory scrutiny require firms to maintain high standards of quality management. The International Standard on Quality Management 1 (ISQM 1) forms part of a suite of quality management standards aimed at enhancing the quality of audits, reviews and other related services.
This webinar discusses what firms need to do to comply with ISQM 1 and provides practical strategies for implementation. Participants will gain clarity on the structure, scope and application of ISQM 1 as well as how it interrelates with ISQM 2 and ISA 220 (Revised).
Join Nestene Botha CA(SA) and learn how to implement robust quality management practices at both the firm and engagement levels.
Learning objectives
Attending this webinar will equip you with the following skills:
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Develop a comprehensive understanding of ISQM 1, including its scope, objectives and key components.
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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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Learn how ISQM 1 applies to various types of engagements and practices and how to scale and tailor the standard based on the size and complexity of your organisation.
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Understand the relationship between ISQM 1, ISQM 2 and ISA 220 (Revised) to ensure a cohesive approach to quality management at both the practice and engagement levels.
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Gain practical insights into implementing ISQM 1, including conducting a risk assessment, monitoring, remediation strategies and overcoming common challenges.
Content
The webinar will cover the following topics:
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What is ISQM 1?
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Key changes from ISQC 1
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ISQM 1 applicability
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ISQM 1 objective
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The relationship of ISQM 1 with ISQM 2 and ISA 220 (Revised)
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Structure and components
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Scalability and other practical considerations What is ISQM 1?
