Following public consultation, IAASA has recently issued revised quality management standards:
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.
They will replace International Standard on Quality Control (Ireland) 1 (Revised November 2020) and ISA (Ireland) 220 (Revised November 2020).
The new standards are effective as of 15 December 2022 and will apply to periods as set out in the table below. Early adoption is permitted. To read and download these please click here.