Practical insights and tips on ISQM (UK) 1
ICAS has issued videos and implementation guidance to assist members in the design and implement a System of Quality Management in accordance with International Standard on Quality Management (ISQM) (UK) 1 ‘ Quality management for firms that perform audits or reviews of financial statements, or other assurance or related services engagement.’ .
The two videos highlight some of the key matters to be considered by members when designing and implementing a system of quality management. The videos feature Lesley Byrne CA, Director of Regulatory Monitoring and James Barbour, Director, Policy Leadership. The videos cover:
(i).ISQM (UK) 1 Unwrapped: a short summary of the main changes from ISQC (UK) 1 and the main requirements in the new standard
(ii) ISQM(UK) 1: How to get started: this contains practical tips on setting up a System of Quality Management
The guidance is intended to highlight certain key elements of International Standard on Quality Management (ISQM) (UK) 1 and is not a comprehensive discussion of the requirements of the standard. Members are advised to read the standard and may find ‘ISQM 1 First-time Implementation Guide’, non-authoritative guidance produced by the International Auditing and Assurance Standards Board (IAASB) to be useful, although it has to be borne in mind that this is international guidance and that there are additional UK requirements that need to be considered. These additional UK pluses are shown in grey in ISQM (UK) 1.
Other resources on ISQM (UK) 1 can be accessed here.