In September 2020, the International Standards on Quality Management approved the ISQM 1, ISQM 2, and the International Standard on Auditing, ISA 220 Revised. The three Quality Management Standards are the culmination of the response of the International Auditing and Assurance Standards Board (IAASB) to a series of high-profile audit failures.
The new standards are a response to the changing environment, the challenges of the effectiveness of the pre-existing quality control standards, and growing market participant needs, and they are designed for use by firms of all sizes. It will result in a set of standards that are aimed at a more robust System of Quality Management for firms.
VinciWorks has created a guide to help firms understand the new standards. The guide includes detailed explanations of each of the standards as well as information on who the new standards apply to and the timeline for the implementation of the new standards.
To download a free copy of the guide, click here.