Quality Assurance for Auditors - Implications of ISQM 1 & 2

Introduction

As new International Standards on Quality Management have been issued by the Financial Reporting Council (FRC), it is important that audit firms carefully consider the impact these new ISQMs will have on their practice. The focus is on quality management rather than quality control and hence the ISQMs are focused on objectives, risks and responses.

This one-hour webinar will examine the implications of ISQM 1 and ISQM 2. It will also look at the consequential amendments to ISA (UK) 220.

What You Will Learn

The FRC ‘strongly encourage’ early adoption of the ISQMs and so this webinar will examine:

• The main focus of ISQM 1 and ISQM 2 enabling auditors to understand the impact the new quality management standards will have on their practice
• The changes made to ISA (UK) 220 where quality management is concerned
• How to ensure that audit work is conducted in accordance with the quality management standards
• Recent findings from audits where deficient quality control aspects were noted and how to improve on them
• Staff training issues on quality management

This webinar was recorded on 28th January 2022