Thursday 8 December 2022


12:00 pm


1.5 CPD Hours

Session Topic

New quality-management standard affects the work that auditors do

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.
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This session is presented by:

Colin Parker

Principal | GAAP Consulting | Financial Reporting Expert

Colin, Principal of GAAP Consulting, is an expert in financial reporting, auditing and related governance issues, and was previously a member of the Australian Accounting Standards Board.

He has conducted many independent expert and consulting experts reports on professional negligence, and accounting and auditing standards. He is the team leader advisory and litigation services and adviser to GAAP Training and Reportfraud.


Chanelle Pienaar

Principal | Audit Assist

Chanelle is an accomplished Chartered Accountant with more than 20 years’ experience as an auditor in a wide variety of Financial Audit and Audit Quality Control projects. Chanelle has abroad range of experience covering Financial Statement Audits, Audit Quality Control Reviews, Trust Account Audits and AASB implementation Advice & Assistance.

Chanelle has strong technical knowledge and enthusiastic training style ensures that all participants, from the graduate to the partner, receive maximum value from each training session.