IRBA: Newly Effective Standards/Practice Statement/Revisions

This serves as a reminder of a number of new standards and amendments which have become effective from 15 December 2022:

  • ISQM 1, Quality Management for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements
  • ISQM 2, Engagement Quality Reviews
  • ISA 220 (Revised), Quality Management for an Audit of Financial Statements
  • SAAPS 2 (Revised 2018), Financial Reporting Frameworks and the Auditor’s Report
  • Quality Management-related Conforming Amendments to the IRBA Code
  • Revisions to the IRBA Code, Non-Assurance Services (NAS) Provisions
  • Revisions to the IRBA Code, Fee-related Provisions
  • Revisions to the IRBA Code, Addressing the Objectivity of an Engagement Quality Reviewed and Other Appropriate Reviewers.

In addition, registered auditors should also recall that several IRBA pronouncements, available from:, have been updated for consequential amendments, as a result of the Quality Management Standards.

Furthermore, the International Auditing and Assurance Standards Board (IAASB) has recently issued a fact sheet on Quality Management and Group Audits: Highlighting Certain Aspects of Interaction between ISA 220 (Revised) and ISA 600, available from