In September 2024, IFAC completed the rollout of its three-part series: Quality Management: Small Firm Implementation, aimed at helping small- and medium-sized practices implement the International Auditing and Assurance Standards Board’s (IAASB) suite of quality management standards.

Installment One of the series addresses the mindset change the new standards require and the shift in focus from quality control to quality management. Installment Two provides a step by step approach to identifying your quality objectives; assessing and addressing quality risks, and establishing a documented quality management system. Installment Three focuses on designing internal monitoring activities for a firm’s quality management strategy, emphasizing a proactive and iterative approach rather than just engagement-level monitoring.

This series joins IFAC’s collection of available resources that support quality management implementation, including webinars, articles and videos, as well as the IAASB first-time implementation guides, all of which are available at ifac.org/qualitymanagement. 

This publication series and other resources like it underscore IFAC’s commitment to supporting small- and medium-sized practices and empowering them to provide the best possible service to their clients. IFAC acknowledges and appreciates feedback from IFAC’s Small and Medium Practices Advisory Group and Forum of Firms representatives in the development of the series