Programme Objective

The International Auditing and Assurance Standards Board (IAASB) issued three Quality Management standards in December 2020. The three new interrelated standards, which replace International Standard on Quality Control (ISQC) 1 and International Standard on Auditing (ISA) 220, are effective 15 December 2022. Audit firms are required to adopt a risk-based approach to implement quality management systems that are responsive to changes in the nature and circumstances of the firms and their engagements.

In today’s evolving and increasingly complex audit environment, having a system of quality management is not just a matter of complying with the standards, but also to establish a strong foundation for consistent engagement quality. 

This 2-day workshop will provide you with insightful knowledge and help to address your concerns on your International Standards on Quality Management (ISQM) implementation process.

Programme Outline

• Understand the key requirements of ISQM, common practical challenges faced by Small and Medium-sized Practices (SMPs) and recommended approaches to address them
• Receive a FREE ISQM Toolkit (consisting of possible quality risks, suggested policies & procedures, implementation help tips, practical examples and forms for each component) which will be used as one of the materials during the workshop
• Learn how to adapt from our ISQM Toolkit and tailor to your firm’s circumstances
• Discussion-based workshop including advice from facilitators on the formulation of your customised system of quality management manual 
• Take-away a tailored and customised system of quality management manual for your firm