A new suite of three quality management standards will become effective for audit firms in December 2022. Firms should now become familiar with the requirements of these standards which will replace ISQC1. An article in June’s Accountancy Plus explores these
new standards, providing guidance on their implementation.
A
webinar is also available to help you get your firm ready. IAASA have published the
first video in a series designed to provide information on the new standards. The International Auditing and Assurance Standards Board has also published some useful implementation guides which can be found
here.