As members are aware In December 2022 the new international standards on quality management (QM) come into effect:
- International Standard on Quality Management 1 (ISQM 1),
- International Standard on Quality Management 2 (ISQM 2)
- International Standard on Auditing 220 (revised) (ISA 220 (revised)).
These standards are effective for periods beginning on or after 15 December 2022 and effective for other assurance and related services engagements beginning on or after 15 December 2022.
Members are directed to our quality management webpages which have links to the standards and to further guidance including the Technical Alert issued in May 2022 TA 03/2022 Guidance on the Quality Management Standards.
A new Technical Alert has been issued which discusses the transition from ISQC1 to ISQM 1 in relation to assurance engagements and reports prepared under international standards.
TA 05/2022 Transition issues arising from the implementation of the Quality Management Standards 2022