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

Previously International Standard on Quality Control 1
IAASB
| Exposure Drafts and Consultation Papers
English
All available Translation:
Comments due by:

To ensure that firms’ systems continue to be robust and effectively support high-quality audits and other engagements, the IAASB has proposed various enhancements to address firms’ systems of quality management, previously known as systems of quality control. This Exposure Draft includes a new proactive risk-based approach to an effective system of quality management that establishes the foundation for consistent engagement quality.

Other enhancements include:

  • Increasing firm leadership responsibilities and accountability, and improving firm governance;
  • Modernizing the standard for an evolving and increasingly complex environment, including addressing the impact of technology, networks, and use of external service providers; and
  • More rigorous monitoring of quality management systems and remediating deficiencies.

This memorandum should be read in conjunction with the overall explanatory memorandum, The IAASB’s Exposure Drafts for Quality Management at the Firm and Engagement Level, Including Engagement Quality Reviews.

Respondents are asked to respond separately to each of the exposure drafts and the overall explanatory memorandum. We request that comment letters do not include tables as they are incompatible with the software we use to help analyze respondents’ comments.

Exposure Drafts
Download (1.94 MB)
Download (294.58 KB)
Download (228.75 KB)
Respondents are requested to use the above Response Template to submit their comments.
Download (45 KB)
Copyright © 2025 The International Federation of Accountants (IFAC). All rights reserved.

Submitted Comment Letters

  1.  (Canada)
  2.  (Australia)
  3.  (United States of America)
  4.  (Hong Kong, Special Administrative Region of China)
  5. KICPA (147.47 KB)
     (Korea)
  6.  (Finland)
  7. Vera Massarygina (95.57 KB)
     (Russian Federation)
  8.  (Belgium)
  9. ICAS (181.63 KB)
     (United Kingdom)
  10. MGI Worldwide (123.39 KB)
     ()
  11.  (Dominican Republic)
  12.  (Dominican Republic)
  13.  (Canada)
  14.  ()
  15.  ()
  16.  ()
  17. Crowe Global (2.44 MB)
     ()
  18.  ()
  19.  (Malaysia)
  20.  (Germany)
  21.  ()
  22.  (Japan)
  23.  (Malaysia)
  24. BDO (284.31 KB)
     (United Kingdom)
  25. Haysmacintyre LLP (181.46 KB)
     (United Kingdom)
  26. SRA (126.55 KB)
     (Netherlands)
  27.  ()
  28. PKF South Africa (275.75 KB)
     (South Africa)
  29. RSM (729.34 KB)
     ()
  30.  ()
  31.  ()
  32. FAR (151.67 KB)
     (Sweden)
  33.  ()
  34.  (Austria)
  35.  (Spain)
  36. ICAEW (484.38 KB)
     ()
  37.  (United States of America)
  38.  (Belgium)
  39. RICS (912.02 KB)
     ()
  40.  ()
  41.  (Mexico)
  42.  (Zimbabwe)
  43. MAZARS (957.76 KB)
     (France)
  44. KPMG IFRG Limited (162.56 KB)
     ()
  45.  ()
  46.  ()
  47. NASBA (232.13 KB)
     (United States of America)
  48. ETY sas (752.73 KB)
     ()
  49.  (Brazil)
  50.  (Australia)