ISQM 1 Guide: Use of resources obtained from service providers

The ICAEW Audit and Assurance Faculty guide focuses on ISQM 1 requirements, in relation to resources obtained from service providers. It highlights the range of information that firms applying ISQM 1 may require to identify and assess quality risks, and determine whether specific resources are appropriate for use in their system of quality management (SOQM) and performance of engagements.

ISQM 1 addresses the fact that firms are solely responsible for the design, implementation and operation of their own SOQM – even when they obtain resources from service providers. Firms must make a thorough evaluation of the fitness for purpose of such resources since it will form part of their SOQM.

Although this guide is primarily aimed at firms applying ISQM 1, it may also be relevant to service providers to indicate the types of information required.

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