Self-Assessment Against Main Requirements of SMO 1 – Quality Assurance Review Systems
All IFAC member organizations are required to establish, operate, or otherwise demonstrate plans to meet IFAC Statement of Membership Obligation 1 (SMO 1) on Quality Assurance (QA).
This self-assessment checklist will help professional accountancy organizations:
- Facilitate a high-level assessment of the QA review system(s) in their jurisdictions against the SMO 1 global benchmark, with a view to develop roadmaps to close gaps as necessary, thus furthering high-quality audit reports and services in their jurisdiction;
- Raise awareness about SMO 1 and its requirements among stakeholders, and assisting them in understanding how the SMO 1 requirements should be incorporated to quality assurance review systems; and
- Encourage open collaboration and communication in jurisdictions where monitoring is carried out by a public oversight board, the government, or other regulatory agency.
This checklist supplements the detailed requirements contained in SMO 1 and does not cover all the requirements in relevant IAASB standards. IFAC member organizations should familiarize themselves with the SMOs and the IAASB Handbook directly. IFAC member organizations can find success stories from PAOs related to QA on the IFAC Global Knowledge Gateway under Supporting International Standards & Developing the Accountancy Profession.