Quality management standards: ISQM 1, ISQM 2 & ISA 220

Member price: £144.50 + VAT

Non-member price: £170 + VAT

Timing: 9.30am-12.45pm

Overview

The Financial Reporting Council (FRC) issued revised quality management standards in July 2021 relating to audit firms' responsibilities to design, implement and operate a system of Quality Management, and to identify and respond to quality risks proactively.  This risk-based approach to quality management replaces the previously reactive approach.

The standards are effective for audits of financial statements for periods beginning on or after 15th December 2022. This course focuses on these revised standards and their application and will be invaluable for those involved in quality management and monitoring activities in audit firms.

Who should attend

This course is essential for those who are involved in quality management and monitoring approaches in audit firms

What will you learn

This course will focus on the contents of the revised quality management standards that were issued in July 2021 and take effect for audits of financial statements for periods beginning on or after 15th December 2022.  As well as covering the content of the standards, the course will consider the application of these procedures for an individual engagement.

In terms of the requirements of the Standards, the following will be considered:

• Risk-based approach
• Establishing quality objectives
• Governance and Leadership responsibilities
• Relevant ethical requirements
• Acceptance and continuance of client relationships
• Engagement performance
• Information and communication
• The proactive monitoring and remediation process
• Application of procedures for an individual engagement

Questions?

BPP | Tel: 0330 060 3303 | Email: ldicas@bpp.com