The IAASB issued ISQM 1, ISQM 2 and ISA 220 (Revised) in December 2020. The passage of these three quality management standards is the culmination of the IAASB’s response to the changing environment, the challenges of the effectiveness of the pre-existing quality control standards, and growing market participant needs. The resulting suite of standards are aimed at a more robust system of quality management for firms using the IAASB’s standards, and marks an evolution from a traditional, more linear approach to quality control.
These standards become effective on 15 December 2022, by which time firms should have addressed the requirements and monitored the system, therefore training is of utmost importance for all those involved in the quality management system.
This training will give participants an understanding of the most important principles and requirements contained in the new quality management standards.
Content and outline:
To explain the following concepts:
- Introduction to the new standards
- Quality management at firm level
- Engagement quality reviews
- Quality management at engagement level
Enroll in the Quality Management Standards Course, complete each lesson and pass the final quiz to complete the course.
Upon completion of the training, participants will receive a verifiable attendance certificate.