The seminar will aim to cover the key requirements of the relevant quality management standards namely, International Standard on Quality Management (ISQM) 1, Quality Management for Firms that Perform Audits or Reviews of Financial Statements and ISQM 2, Engagement Quality Reviews, alongside ISA 220 (Revised), Quality Management for an Audit of Financial Statements.

Throughout the seminar challenges on practical implementation will also be addressed together with how these new requirements  differ from the previous ISQC1.

In a challenging environment of increased compliance and constant disruptions, ensuring a system of robust quality management has become of utmost importance. To address this, IAASB has issued ISQM1 and ISQM2 to focus on this necessity and creating an environment that enables and supports engagement teams in performing quality engagements. IAASB has also revised ISA220 to incorporate these new Quality Management Standards.

ISQM1 replaces the existing ISQC1 and has come into effect as of 15 December 2022. ISQM1 applies to all firms performing audits or reviews of financial statements and it  is principles driven with a focus on scalability, flexibility and continuous improvement.

This seminar can be participated by accountants and auditors employed in accountancy and audit firms who are involved in the preparation and review of audit engagements of various size and complexity.