The International Federation of Accountants (IFAC) has released the second instalment in a three-part publication series to help small- and medium-sized practices implement the new quality management standards for audit firms.
Instalment Two: Developing a Detailed Implementation Plan provides a step approach to identifying your quality objectives; completing your quality risk assessment process; identifying existing, or creating new, responses to those quality risks; and implementing, documenting, and communicating your system of quality management.
Instalment Two also:
- Addresses the eight components of the IAASB’s International Standard on Quality Management 1, Quality Management for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements.
- Contains an example case study to illustrate the transition from the International Standard on Quality Control 1, Quality Control for Firms that Perform Audits and Reviews of Financial Statements, and Other Assurance and Related Services Engagements; and
- Includes multiple documentation aids covering independence, acceptance and continuance of clients and engagements, resources, and outside consultation, as well as a sample checklist for engagement quality reviews.
For details, please visit CPA Ireland's
Quality Management Resource.