Supporting International Standards

Are You Ready for the IAASB’s New Quality Management Standards? Watch Our Panel Discussion to Kick Start Your Planning

Monica Foerster, Alex Peal, Danielle Supkis Cheek, Marion Hannon | September 1, 2022

In late 2020, the International Auditing and Assurance Standards Board (IAASB) issued three new and revised quality management standards. The standards strengthen and modernize how a firm of any size or level of complexity approaches quality management.

  • They address the evolving and increasingly complex audit ecosystem, including growing stakeholder expectations and a need for quality management systems that are proactive and adaptable.
  • They mark an evolution from a traditional, more linear approach for quality control to an integrated quality management approach.
  • They recognize the importance of firm governance and leadership, with quality embedded in the fabric of the firm’s culture, strategic and operational decisions, and leadership’s actions and behavior.

The standards also drive more robust and effective monitoring and remediation. At the engagement level, they increase the responsibility of engagement partners for managing and achieving audit quality. And they bolster who can perform engagement quality reviews and how the reviews are performed.

In order to support implementation and help small- and medium-sized practices (SMPs) understand, navigate and apply the revised standards, IFAC in collaboration with the Forum of Firms held two video panel discussions. These focus on providing an overview of International Standard on Quality Management 1, Quality Management for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements, how firms are planning its implementation, and sharing practical examples, tips and suggested good practices. These videos are available in English; translated transcripts are also available in Spanish and French.

  • ISQM 1: Getting Ready for the New Risk-Based Approach – a discussion of the standard and the shift in mindset needed to apply the new risk-based approach.
  • ISQM 1: Early Lessons Learned and Next Steps - a discussion on how to get started on implementation and tips and best practices.
 
 

Monica Foerster

Chair

Partner at Confidor, Chair of IFAC's SMP Advisory GroupMonica Foerster became Chair of the IFAC SMP Advisory Group (SMPAG) in 2017, after serving as its Deputy Chair. A SMPAG member since 2014, she was nominated by Conselho Federal de Contabilidade (CFC) and Instituto dos Auditores Independentes do Brasil (IBRACON). With 20 years of experience in the accountancy profession, Ms. Foerster is a partner at Confidor, an accounting, tax, and law firm with offices in Porto Alegre and São Paulo, Brazil. Monica is currently a member of the Board of Directors of Ibracon Brazil (where she was the SMP Director and coordinator of the SMP Working Group for 6 years), and a board member at the Accounting Council (where she was also the coordinator of the Committee of Audit Studies (CRCRS) for 4 years. Monica holds an MBA in financial management, controllership and audit from the FGV – Fundação Getúlio Vargas, Brazil, and a degree in accounting from the Universidade Federal do Rio Grande do Sul – UFRGS, Brazil.  See more by Monica Foerster

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Alex Peal

Alex Peal became a member of the IFAC Small and Medium Practices Advisory Group (SMPAG) in January 2019 having previously served as a technical advisor to the Committee. He was nominated by CCAB in the UK. Alex is a Partner and Joint Managing Partner at James Cowper Kreston a SMP accounting practice based in London and the South of England. He has over 20 years of experience in the accounting and audit profession and is responsible for a wide ranging portfolio of clients including owner-managed UK companies, not-for-profit entities such as charities and schools and small listed companies. He is an active member of Kreston International and regularly performs quality reviews on behalf of the Kreston network as well as presenting on technical matters at conferences. Alex is a member of The Institute of Chartered Accountants in England & Wales (ICAEW) Audit Faculty Board and attends the ICAEW Technical and Practical Auditing Committee as an alternate. He has delivered lectures and webinars on behalf of ICAEW. Alex holds a Bachelor of Science degree and is a Fellow of the ICAEW. He also holds the ICAEW Diploma in Charity Accounting.

Danielle Supkis Cheek

Danielle Supkis Cheek, CPA*, CFE, CVADanielle Supkis Cheek is the Vice President of Strategy and Industry Relations at MindBridge. Danielle earned her Bachelors from Rice University in Houston, TX, and her Master of Science in Accountancy from the University of Virginia in Charlottesville, VA. She is a Certified Public Account (CPA) in the State of Texas, a Certified Fraud Examiner (CFE), and a Certified Valuation Analyst (CVA). Danielle is the immediate past Chair of the PCPS Technical Issues Committee with the American Institute for CPAs and is the US Representative to the IFAC Small and Medium Practitioners Committee. She is on the IT Services Task Force to the Professional Ethics Executive Committee and the Technology Experts Group to the International Ethics Standards Board. She is an at-large member of AICPA Council. She is an 8-time (2014-2021) 40 under 40 by the CPA Practice Advisor, and was the Houston CPA’s Society’s Distinguished Member to the Profession for 2019. She was also the first woman to receive the AICPA’s Outstanding Young CPA of the Year Award in Honor of Maximo in 2016 and is a 5-time Most Powerful Women in Accounting by CPA Practice Advisor and AICPA. Danielle was also named as a 2019 Houston Business Journal Women Who Means Business.She is also part-time faculty at Rice University’s Jones School of Business teaching accounting for entrepreneurs to undergrads and data analytics to the Masters of Accountancy (MAcc) students. * Licensed only in Texas

Marion Hannon

Marion Hannon joined RSM International in 2018 as Global Leader for Quality and Risk. Based in London at RSM’s Global Executive Office, Marion is responsible for overseeing the continuous focus on quality across RSM. Marion leads the Global Executive Office Quality & Risk team which focuses on quality; risk containment; and ethics and independence for the Network. Marion is also responsible for all aspects of the Network’s policies, procedures, tools and processes aimed to maintain high quality services by Member Firms. Prior to joining RSM International, Marion spent nearly 28 years in a variety of leadership roles at PWC, working in Ireland, Hong Kong and London.

 
 

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