In early 2023, a sample of audit firms were selected to provide the CPA Quality Assurance team with further information regarding their implementation of ISQM1, including details of their risk assessment and policies and procedures. We will share insights from the outcome of these reviews in Practice Plus for the benefit of all audit firms. Depending on the results, CPA may decide to conduct further reviews in 2023. Quality Assurance reviews from January 2023 will include a review of the implementation of ISQM1 and provides an opportunity for those firms to discuss their procedures with the Quality Assurance Executive.
To assist firms make the transition to ISQM, CPA Ireland’s
Quality Management Resource acts as a central point bringing together articles, guidance, IAASA Explainer Videos and IAASB Implementation Guides in a single location. It is a live resource which is regularly updated as new guidance is published.