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
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
- 2018 Handbook of International Quality Control, Auditing, Review, Other Assurance, and Related Services Pronouncements
- ISA 540 (Revised) Slide Decks
- ISA 540 (Revised), Auditing Accounting Estimates and Related Disclosures
- International Standard on Auditing 220 (Revised), Quality Management for an Audit of Financial Statements
- International Standard on Quality Management (ISQM) 2, Engagement Quality Reviews
