Do you do audit work? If you do you must read the following. I apologise if it seems long. In my opinion it is a “MUST”read article.
As you may be aware ISQM-1, the new International Standard for Quality Management will be coming into effect on 15th December, replacing ISQC 1. The new Standard covers risk assessment, quality management, with new requirements relating to monitoring and documentation.
Nonetheless you need to get up to speed with the new requirements and we want to signpost you to information that should prove helpful here and now.
IFAC have produced an introduction to the new Standard you can read here:
ICAEW Council Member and longstanding SPA Member Peter Hollis has written about what ISQM-1 means for smaller practitioners including a handy 8 point guide for the uninitiated: Please go to:-
There is a podcast with Peter at ICAEW INSIGHTS IN FOCUS – PLEASE GO TO:-
16 Nov 2022
In this Insights In Focus special episode, they discuss the rollout of the International Standard on Quality Management (ISQM) and what firms need to do before ISQM 1 is implemented on 15 December 2022.
The ICAEW Audit and Assurance Faculty have also written extensively about the new Standard:
Risk assessment is the most difficult bit. Please go to:
The real problem is that the regulations apply to all sizes of firms despite being targeted at the bigger firms.
Please do get in touch with me with your concerns here. I can’t promise to respond to every email but I will ensure that your concerns are fed through to the ICAEW, ACCA and others.
Howard Gross, Chair