Two new international quality management standards, ISQM 1 and ISQM 2, as well as major changes to the related standard ISA 220 will come into effect in December 2022. These far-reaching new requirements impact all audit firms as well as individual audit engagements.
This three-part online series is designed to help small and medium-sized practices implement these changes. Join John Selwood and Peter Herbert, as they take a deep-dive into the standards and provide practical examples to support implementation. Each session will focus on a specific area of quality management and include a Q&A session, so you can clarify your understanding with John and Peter. Wherever your firm is on its QM implementation journey, there will be practical insights to share and learn from.
Each session is standalone: you can choose to sign up for either one, two or all three sessions.
Undertaking a quality risk assessment
In this session you will learn how to get quality risk assessments right. The session will cover the difference between quality objectives and quality risks and how they interact, how to approach a quality risk assessment and what documentation is needed.Watch the recording
Developing a quality management strategy
This session will explain what you need to consider when responding to quality risks in your strategy, including how you map and document responses and the role of the RI in embedding audit quality. It will also provide practical examples and considerations for less complex firms.Watch the recording
Using root cause analysis in quality management
This session will explain what RCA is, what ISQM 1 requires and how firms can use RCA to improve audit quality. It will also cover practical considerations for smaller firms, such as who should do RCA, when and how should it be done and what to do next.Watch the recording
The prices below are per session. Those booking all three sessions at the same time will qualify for a 10% discount on all three tickets.
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John lectures for major accountancy practices, professional bodies, training companies and publishers, where he speaks on financial reporting, auditing, money laundering and company law. He is a member of ICAEW’s Audit and Assurance Faculty’s Practitioner Services Panel Committee and the Technical and Practical Auditing Committee. He has been involved with presenting and writing material for the Audit and Assurance and Financial Reporting Faculties for a number of years.
Peter has a professional practice background and 20 years’ training experience specialising in financial reporting, auditing and company law, as well as commercial awareness and business skills. He is a founding director of Insight Training. He runs a small practice providing advice to mid-tier and small accountancy practices on aspects of accounting, auditing and practice regulation.
Quality management in audit firms
Resources to help audit firms prepare for new quality management standards ISQM 1, ISQM 2 and ISA 220 (Revised).