ISQM 1 – HOW QUALITY CONTROL TURNED INTO QUALITY MANAGEMENT

ISQM 1, Quality Management for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements replaced ISQC 1,?Quality Control for Firms that Perform Audits and Reviews of Financial Statements and Other Assurance and Related Services Engagements.?

Yet another standard in an already compliance overloaded audit profession you may have argued at the time the standard became effective for implementation on 15 December 2022.??

ISQM 1 is vastly different from ISQC1. ISQM 1 focuses on audit quality and a process of risk management concerning quality that aims to ensure all firms prioritise quality when performing audits and other assurance engagements. The standard is principle-driven, focusing on scalability, flexibility, and continuous improvement.?