QM Standards Implementation Guides and Other Related Material
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 and the subsequent one, we discuss IAASB and IFAC, respectively.
The International Auditing and Assurance Standards Board (IAASB):
+ First-time Implementation Guide for International Standard on Auditing (ISA) 220 (Revised), Quality Management for an Audit of Financial Statements (published on 17 February 2022) is available on:
Click to access IAASB-ISA-220-first-time-implementation-guide.pdf
+ ISA 220 (Revised): Definition of an Engagement Team Fact Sheet (published on 2 May 2022) is available on:
https://www.iaasb.org/publications/isa-220-revised-definition-engagement-team-fact-sheet
+ Fact Sheet on Quality Management and Group Audits: Highlighting Certain Aspects of Interaction between ISA 220 (Revised) and ISA 600 (published on 15 December 2022) is available on:
Additional QM-related material can be accessed on IAASB’s QM webpage, available on:
https://www.iaasb.org/focus-areas/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.