First-Time Implementation Guide for ISQM 1 Updated and Reissued

The International Auditing and Assurance Standards Board (IAASB) released an updated version of the First-time Implementation Guide for International Standard on Quality Management (ISQM) 1, Quality Management for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements, which was previously issued on 14 June  2021.

The following revisions were made to provide further context and clarification when evaluating the system of quality management:

• The section “How the Evaluation is Undertaken, Including What Information is Considered” (pages 89–92) was revised.

• Limited conforming changes were made to the section “Evaluate the Remedial Actions, and if Necessary, Take Further Action” (page 79).