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
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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.
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Related Resources
- 2018 Handbook of International Quality Control, Auditing, Review, Other Assurance, and Related Services Pronouncements
- IAASB Communique: Audits of Less Complex Entities
- ISA 540 (Revised) Implementation: Illustrative Examples for Auditing Simple and Complex Accounting Estimates
- International Standard on Quality Management (ISQM) 2, Engagement Quality Reviews
- Introducing the Quality Management Standards
