New Quality Management Standards - Part 1 - the changes and impacts for audit firms
In 2020, the International Auditing and Assurance Standards Board (IAASB) approved a revised set of quality management standards.
The new quality management standards represent a significant and important step change in how audit firms approach audit quality in the future. More importantly it is an opportunity to move from a policies-based approach to a risk-based approach.
In part 1 of our Quality Management System whitepaper series we discuss:
- an overview of the new quality management standards – ISQM1, ISQM2 and ISA220
- the adoption times across the globe
- what accounting firms needs to be thinking about now to ensure a well-planned implementation
Access our whitepaper below.