Release date: 17 October 2022
ISQM is here!
From December 2022, new International Standards on Quality Management
(ISQM) come into effect. Applicable to all audit firms, these
standards introduce a new risk-based quality management approach that will
require practices to design, implement and operate a system of quality
management for audits, reviews of financial statements or other assurance
engagements. This is a step-change from the requirements of the outgoing
ISQC 1, and requires audit firms to have their System of Quality Management to
be designed and implemented by 15 December 2022.
The ISQM Resource Pack (ROI & NI) is a set of template
policies and procedures to assist audit firms in complying with the new
standards.
Based around Microsoft Excel and Word, the ISQM Resource Pack can be readily
tailored to the circumstances of your firm.
Key features:
The toolkit consists of the following:
- A template ISQM policy manual covering the requirements
of ISQM 1 and ISQM 2.
- Quality Objectives, setting out the quality objectives
required by ISQM 1.
- Risk Assessment form, to be used in carrying out the
firm's risk assessment required by ISQM 1.
- Risk Assessment examples to assist the firm in completing
its Risk Assessment. This consists of examples of conditions,
events, circumstances, actions or inactions that may adversely affect the
achievement of quality objectives, quality risks that may arise and possible
responses to risks.
- Monitoring Activities form, to be used to consider and
design the firm's monitoring activities.
- Monitoring Findings form, to be used to collate
significant findings from the firm's various monitoring activities.
- Evaluation of deficiencies form.
- Evaluation of deficiencies examples, consisting of
examples of deficiencies, root causes and remedial actions.
- Evaluation of System of Quality Management
checklist.
Downloading your toolkit
Once you have placed your order
online, first print your invoice if you require one. Following this, go into
your My Account area on the website and open My courses & downloads.
Your toolkit will be available to download there. You have up to 90 days from
the date of purchase to download your toolkit.
For more information, contact us atPractice
Consulting