Quality Assurance for Auditors - Objectives, Risks & Responses Explored

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 focussed on objectives, risks and responses.

This virtual classroom session will examine the implications of ISQM 1 and ISQM 2 and look at the consequential amendments to ISA (UK) 220. Aspects of practice regulation that often give rise to poor regulatory outcomes and disciplinary penalties and why will also be explored.

What You Will Learn

This live and interactive session will cover the following:

• 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
• Recent areas of regulatory change and what you need to do to comply
• Aspects of practice regulation that often give rise to poor regulatory outcomes and disciplinary penalties and why.

Recording of live sessions: Soon after the Learn Live session has taken place you will be able to go back and access the recording - should you wish to revisit the material discussed.