Supporting International Standards
Quality Management Series: Small Firm Implementation, Installment One
It is time to get ready for the new quality management standards
Oct 31, 2022 | Support for Standards & Pronouncements
All available Translations: Bosnian Polish Spanish-Spain
In Progress Translations: Albanian | Czech | Japanese | Latvian | Spanish-latin america | Turkish
This is the first installment in a three-part publication series to help small- and medium-sized practices implement the International Auditing and Assurance Standards Board’s new quality management standards. The IAASB’s suite of quality management standards were issued in December 2020 and come into effect on December 15, 2022.
Installment One: It is time to get ready for the new quality management standards addresses the mindset change the new standards require and the shift in focus from quality control to quality management. It also includes developing a project implementation plan, an introduction to quality objectives, the risk assessment process, and assigning roles and responsibilities. Helpful meeting agenda templates practitioners can use with their colleagues are also included.
The three-part series will provide tips and guidance for practical implementation of the IAASB’s standards. Installment two will focus on developing a detailed implementation plan and installment three will address monitoring and remediation. Installment One 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.
Copyright © 2023 The International Federation of Accountants (IFAC). All rights reserved.
- IFAC Small and Medium Practices Advisory Group Response to the IAASB’s Exposure Draft proposed Narrow Scope Amendments to ISA 700 (Revised) and ISA 260 (Revised)
- IFAC-IAASB Quality Management Resources
- Statements of Membership Obligations, 1-7
- The Risk Identification and Assessment Process: Tips on Implementing ISA 315 (Revised 2019)
- The State of Play: Sustainability Disclosure & Assurance 2019-2021 Trends & Analysis
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