New systems of quality management are required to be designed and implemented by 15 December. They will need to comply with ASQM 1 Quality Management for Firms that Perform Audits or Reviews of Financial Reports and Other Financial Information, or Other Assurance or Related Services Engagements. ASQM 1 will affect all team members as they go about their work under this quality management standard.
The standard introduces a quality-management approach focused on identifying and responding to risks to quality.
Evaluations of the quality-management systems must be performed by 15 December 2023.
This session will:
- Explain the key concepts and requirements of ASQM 1
- Look at examples of audit-quality indicators
- Describe shortcomings in audit quality as identified by regulators and others, and
- Describe how ASQM 1 affects the way in which audits, reviews, and other assurance engagements are conducted.
