LATEST UPDATE
IESBA and IAASB Complete Analysis on Linkages between ISQM 1 and FCG Viewpoints
The analysis:
- Explains linkages and key differences between IESBA’s FCG viewpoints and ISQM 1
- Highlights their mutually supportive nature and key differences in their objectives, scope, output and focus
- Was developed in close coordination with the IAASB, responding to calls from stakeholders.
The International Ethics Standards Board for Accountants (IESBA) has released the complete analysis of the linkages, available on: https://www.ethicsboard.org/publications/linkages-between-iesba-viewpoints-and-isqm-1
between the International Standard on Quality Management (ISQM) 1, available on: https://www.iaasb.org/publications/international-standard-quality-management-isqm-1-quality-management-firms-perform-audits-or-reviews
and the IESBA’s Firm Culture and Governance (FCG) viewpoints, available on:
https://www.ethicsboard.org/publications/briefing-note-iesba-firm-culture-governance-project
Developed in close coordination with the International Auditing and Assurance Standards Board (IAASB), the paper responds to calls from stakeholders, as well as IESBA and IAASB members, to recognise and clarify the linkages between the two.
The analysis explains, at a high level, how the FCG viewpoints and ISQM 1 could interact, demonstrating their mutually supportive nature while recognising the clear distinctions in their objectives, scope, output, and level of specificity, with regard to firm culture and governance.
