The Quality Control Standard, ISQC 1 has been implemented since 2006 for firms that perform Audits and Reviews of Financial Statements and Other Assurance and Related Services Engagements.
A suite of new Quality Management Standards comprising ISQM 1, ISQM 2 and ISA 220 ( will replace ISQC 1 and ISA 220 soon and the new Standards focus on more rigorous monitoring of the firm’s risk assessment process, governance and leadership, resources, monitoring and early remediation of deficiencies.
ISQM 1 deals with firms’ responsibilities for managing quality and applies to all firms that perform engagements under the IAASB’s standards. This standard shifts the focus from Quality Control to Proactive Quality Management ISA 220 (Revised) sets out the specific responsibilities of the auditor regarding quality management at the engagement level and the related responsibilities of the engagement partner.
This webinar aims to guide audit firms to begin the preparation for implementation of the new quality management standards and to consider the responsibilities of Engagement Partners.
