Public Accountants Oversight Committee (PAOC) is pleased to inform that the International Auditing and Assurance Standards Board (IAASB) of the International Federation of Accountants (IFAC) has issued the following standards on quality management which will replace the IAASB's current standards, International Standards on Quality Control 1 (ISQC 1) and International Standards on Auditing 220 (ISA 220) effective from 15th December 2022:
- International Standard on Quality Management 1 (ISQM 1), Quality Management for Firms that Performs Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagement
- International Standard on Quality Management 2 (ISQM 2), Engagement Quality Reviews
- International Standards on Auditing 220 (Revised), Quality Management for an Audit of Financial Statements.
The new standards aim to address stakeholder expectations and the requirements for proactive and adaptive quality management systems as well as to strengthen the monitoring and improve the robustness of engagement quality reviews. For any further information on the new standards, you may refer to the IAASB's website at https://www.iaasb.org/focus-areas/quality-management.
Public Accountants Oversight Committee (PAOC)
Date: 15th August 2022
