Quality Management in Accounting Practice (ISQM 1)
Presenters : Nestene Botha CA(SA)
Overview
ISQM 1 is a key quality management standard for practices involved in audits, financial statement reviews, and other assurance or related services engagements.
This webinar explores how practices can develop a customised quality management system tailored to their specific needs and client base. With the standard's scalable approach, practices can design systems that effectively address their unique circumstances and risks.
Join Nestene Botha for practical insights into the implementation of ISQM 1, including risk assessment, monitoring, and remediation strategies.
Learning objectives
Attending this webinar will equip you with the following skills:
-
Develop a comprehensive understanding of ISQM 1, including its scope, objectives, and key components.
-
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.
-
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.
-
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.
-
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:
-
What is ISQM 1?
-
Key changes from ISQC 1
-
ISQM 1 applicability
-
ISQM 1 objective
-
The relationship of ISQM 1 with ISQM 2 and ISA 220 (Revised)
-
Structure and components
-
Scalability and other practical considerations
