ICAEW - ARE YOU READY FOR THE NEW ISQMs?

Are you ready for the new ISQMs?

16 Sept 2022

Virtual 10:00 - 12.20

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Audience: Practice Speaker: John Selwood ACA

New auditing standards are planned to apply on quality management (QM). These standards comprise: • International Standard on Quality

Management 1 Quality Management for

Firms that Perform Audits or Reviews of

Financial Statements, or Other Assurance or Related Services Engagements (ISQM 1); • ISQM 2 Engagement Quality Reviews; and • a revised ISA 220 Quality Management for an Audit of Financial Statements.

The QM standards will apply from 15 December 2022. This means that the systems of quality management are required to be designed and implemented by this date. This course is designed to help auditors ensure that their procedures are up to date and ready for the new Standards. This webinar will cover: • Overview of ISQM 1, ISQM 2 and ISA 220 Revised • Establishing quality objectives • Risk assessment – identify and assess risks • Design and implementation of Systems of

Quality Management • Monitoring and remediation processes including root cause analysis • Documentation • Using off-the-shelf solutions • Implementation and the possibility of early adoption

Suitable for: This update is for all senior auditors, particularly those responsible for the firm’s quality management systems.