The International Standard on Quality Management 1 (ISQM 1) is part of the IAASB’s suite of Quality Management standards, which will come into effect on 15 December 2022.

CAPA members are encouraged to take note of this timeline and to remind your members who are in public practice of the same. IAASB has provided support materials in relation to these standards, which can be found on its dedicated webpage.

Working with IFAC, IAASB is organising a series of ‘deep-dive’ webinars to examine different aspects of ISQM 1: Quality Management for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements.

The first webinar “All you need to know about the firm’s risk assessment process” was successfully held to positive feedback on 24 June and is now available for viewing on demand on IAASB’s YouTube channel. The next 3 webinars will be conducted on 29 July, 5 and 18 August on Zoom with livestreaming on the IAASB’s YouTube channel.

We encourage you to take note and share with your members, as appropriate, to either join the events or to view the recordings. To register for the webinars, click here.