Quality and Ethical Standards in Audits 2024
Presenters : Lettie Janse van Vuuren CA(SA)
Overview
Professional accountants and auditors performing audits, review, and assurance engagements must ensure their firm complies with the International Standard on Quality Management (ISQM 1). This international standard strengthens quality management systems of audit / accounting practices and must be followed diligently.
Non-compliance exposes your firm to the risk of negligence and subsequent liability. This also jeopardizes individual practitioners' professional reputations which negatively impacts their standing with professional as well as regulatory bodies.
Join Lettie Janse van Vuuren CA(SA) for a practical session offering insights into how to ensure compliance with ethical requirements during the implementation and application of quality management standards.
Learning objectives
Attending this webinar will equip you with the following skills:
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Possess an understanding of the requirement for firms to have quality management systems.
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Have knowledge of the requirements of the IAASB's quality standards namely, ISQM 1, ISQM 2, and ISA 220.
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Recognise the significance of adherence to applicable ethical requirements.
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Acquire knowledge of how to apply the necessary ethical requirements both at the individual as well as firm level.
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Comprehend the integration of ethics within the quality management standards.
Content
The webinar will cover the following topics:
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System of Quality Management.
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ISQM 1, ISQM 2, ISA 220
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Relevant Ethical Requirements.
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Fundamental principles (identifying and addressing threats).
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Professional judgment.
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Professional skepticism.
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Quality Control Reviewer.
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Code of Conduct.
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Recent changes and revisions.
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Definitions of Listed Entity and Public Interest Entity.
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Definition of Engagement Team and Group Audits.
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Fee-related provisions.
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Non-Assurance services.
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Role and mindset of professional accountants.
