MICPA Initiative on ISQM1
The International Standards on Quality Management 1 (ISQM1) was issued by the International Audit and Assurance Standards Board (IAASB) aimed at enhancing the robustness of the firm’s system of quality management (SoQM). ISQM1 aims to enhance the robustness of the firm’s SoQM. It requires the firm to customise the design, implementation and operation of its SoQM based on the nature and circumstances of the firm and the engagements it performs. It also requires the firm to transition from policies and procedures that address standalone elements, as required by extant International Standard on Quality Control 1 (ISQC1), to an integrated quality management approach that reflects upon the system as a whole.
ISQM1 applies to all firms performing audits or reviews of financial statements, or other assurance or related services engagements. If the firm performs any of these engagements, it applies.
The firm is required to have the SoQM designed and implemented in compliance with ISQM1 by December 15, 2022.
Workshops on ISQM1 Guide & Illustrative Manual
As part of the MICPA’s continuous effort to support the professional development of small and medium sized practitioners (SMPs) in the accountancy profession, the MICPA has, on September 13, 2022, launched an implementation guide, namely “ISQM1 Guide and Illustrative Manual” (IGIM). The Guide is intended to help SMPs understand the requirements of the ISQM1 and implement the ISQM1 in the manner intended. It also helps firm deal with its responsibility for having a SoQM in accordance with ISQM1.
The workshop aims to help SMPs understand the requirements of the ISQM1. The Guide which comprises guidance, case study, illustrative manual and templates will be used as a workshop material. It is a practical and useful Guide to ease the implementation process of the ISQM1. In using this Guide, practitioners should make the necessary modification and supplement additional procedures to suit your firms.
Contact Us For More Information
- IGIM – Technical department (firstname.lastname@example.org)
- IGIM Workshops – CPD department (email@example.com)