QM Standards Implementation Guides and Other Related Material 2

Since the previous IRBA communication issued on 2 July 2021, QM implementation materials have been published for SAICA, IAASB and IFAC. In this Latest Update, we discuss IFAC.

International Federation of Accountants (IFAC):

The IFAC developed and published a three-part series that provides tips and guidance for the practical implementation of the QM standards.

+         Instalment One: It is time to Get Ready for the New Quality Management Standards, published on 31 October 2022, is available on:

https://www.ifac.org/knowledge-gateway/supporting-international-standards/publications/quality-management-series-small-firm-implementation-installment-one

+         Instalment Two: Developing a Detailed Implementation Plan, issued on 5 July 2023, is available on:

https://www.ifac.org/knowledge-gateway/supporting-international-standards/publications/quality-management-series-small-firm-implementation-installment-two#:~:text=It%20provides%20a%20step%20approach%20to%20identifying%20your,documenting%2C%20and%20communicating%20your%20system%20of%20quality%20management

+         Instalment Three is expected to be published only later this year.

Additional QM-related material may be accessed on IFAC’s QM webpage, available on:

https://www.ifac.org/knowledge-gateway/supporting-international-standards/discussion/quality-management

It should be noted that these publications are non-authoritative and have not been issued by the IRBA’s Committee for Auditing Standards as guidance in South Africa.