In early 2023 a sample of CPA audit firms were selected to provide the Quality Assurance team with further information regarding their implementation of ISQM1, including details of their risk assessment and policies and procedures. The insights from these reviews were shared in a CPD session titled,
“Preparing for your Quality Assurance Review 2022”. A free recording of this session is available for all CPA members
here.
A copy of the slides from this session are available at the
Quality Management Resource;
Quality Assurance reviews from January 2023 have included a review of the implementation of ISQM1 and provide an opportunity for firms to discuss their procedures with the Quality Assurance Executive. This will continue for the remainder of the year 2023 and beyond. Further thematic reviews may be considered in the year 2024.