International Standard on Quality Management (ISQM) 1, Quality Management for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements

IAASB
Dec 17, 2020 | Handbooks, Standards, and Pronouncements
English

All available Translations: Arabic French Latvian Polish + View All

In Progress Translations: Bosnian | Czech | Finnish | Italian | Mongolian | Norwegian | Russian | Spanish-latin america | Thai

Don't see your language? Request permission to translate

ISQM 1 strengthens firms’ systems of quality management through a robust, proactive and effective approach to quality management. The standard encourages firms to design a system of quality management that is tailored to the nature and circumstances of the firm and engagements it performs. ISQM 1 applies to all firms that perform engagements under the IAASB’s international standards. ISQM 1 replaces ISQC 1, Quality Control for Firms that Perform Audits and Reviews of Financial Statements and Other Assurance and Related Services Engagements.

Firms are required to have systems of quality management designed and implemented in accordance with ISQM 1 by December 15, 2022.

 

Copyright © 2021 The International Federation of Accountants (IFAC). All rights reserved.

 

Related Resources

 
 
 

Translations & Permissions

Looking to reproduce the standards for your members? Want to include IFAC's publications in your training materials or university course? Learn how we can help.

IP permissions and policies

 

Primary tabs