LATEST UPDATE

IFAC Releases Third Instalment in Implementation Support Series

The International Federation of Accountants (IFAC) recently released the third and final instalment in its three-part publication series to help small and medium-sized practices (SMPs) implement the International Auditing and Assurance Standards Board’s (IAASB’s) suite of quality management standards. Instalment Three: Monitoring and Remediation provides tips and guidance on the practical implementation of the monitoring and remediation of a firm’s system of quality management.

Instalment Three includes multiple documentation aids covering annual monitoring and evaluation of the system of quality management, cyclical inspection of completed audits and other engagements, and a monitoring and remediation report. It also continues the case study introduced in the previous instalments.

Instalment One of the series addressed the mind-set change the new standards require and the shift in focus from quality control to quality management. Instalment Two covered the development of an implementation plan for quality management.

This series joins IFAC’s collection of available resources that support quality management implementation, available on: https://www.ifac.org/knowledge-gateway/discussion/quality-management

IFAC acknowledges and appreciates feedback in the development of the series.