*Quick note to #AuditFirms: Firms are recommended to researc | CCS Channel
*Quick note to #AuditFirms:
Firms are recommended to research the requirements of the three new quality management standards that have been adopted by the International Auditing and Assurance Standards Board (IAASB). These standards are scheduled to become effective on December 15, 2022.
The standards, which include the International Standards on Quality Management ISQM 1 and ISQM 2, as well as the International Standard on Auditing ISA 220 Revised, are an evolution from a traditional, more linear approach to quality control.
They are intended to create a more robust System of Quality Management for Firms that use the standards developed by the International Auditing and Assurance Standards Board (IAASB).
The new standards provide an approach to audit quality management that is robust, scalable, and proactive. This approach is essential to ensuring that the auditing profession will continue to be trusted and viable in the future.
