New Quality Management Standards effective from today!

A new suite of quality management standards become effective for all audit firms from 15th December 2022.
The suite of three standards replaces ISQC 1 and are as follows;

• International Standard on Quality Management (‘ISQM’) (Ireland) 1, Quality Management for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements;
• International Standard on Quality Management (Ireland) 2, Engagement Quality Reviews; and
• International Standard on Auditing (‘ISA’) (Ireland) 220 (Revised December 2021), Quality Management for an Audit of Financial Statements.

Audit firms are required to now have these standards in place.