Quality management standards
Quality Management
In 2022, a major shift took place in how audit and assurance firms manage quality. Three international standards came into effect:
- ISQM 1 – International Standard on Quality Management 1
- ISQM 2 – International Standard on Quality Management 2
- ISA 220 (Revised) – International Standard on Auditing 220
These standards introduced a risk-based approach to quality management. Now, every audit firm must operate a System of Quality Management (SoQM) tailored to its size, structure, and services.
What Does This Mean for Your Firm?
The standards require firms to customise their quality management systems based on their unique circumstances. Most firms have now embedded these standards into their methodologies and have undergone internal and external reviews. The guidance and tips on the attached webpage may be useful for you assessing your progress and ongoing compliance with the standards.
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