International Standardization on Quality Management (ISQM) Workshop Course

In the year 2020 September, The International Auditing and Assurance Standards Board (IAASB)

approved ISQM1, ISQM2 and ISA 220 Revised. These three quality management standards were as result of the continuously changing operating environment, challenges, and weaknesses of pre-existing quality controls and the rising market stakeholders’ needs

ISQM 1 deals with quality management at firm level and aims to proactively identify and respond to risks to quality and encourage audit firms to perform their own risk assessments to ensure their quality management system is designed to address and combat possible risks.  ISQM 1 embeds this approach through a principle driven requirement for firms to create a system of quality management (SoQM) which is tailored to the firm and its client base. This scalability enables firms to design a system which addresses their specific circumstances and risks.  

Seminar discourse objectives.

• Describe the structure of the new Quality Management Standards (QMS) and the date of application
• Compare the objectives of the new QMS in comparison to the extant ISQC1
• Explain the key principles and terminology contained in the QMS
• Explain the risk-based approach to quality management
• Identify the applicable risk areas of the standards
• Apply the process to assess quality risks
• Construct responses to quality risks
• Apply the monitoring requirements in quality management
• Explain the process of evaluation and reassessment of quality risks and response 

 Thematic areas

• The changes from Quality Control (ISQC1 and ISA220) and Quality Management (ISQM1 and 2 and ISA220R)
• ISQM 1: System of Quality Management: Structure, process and key components
• Factors influencing quality risk
• Quality risk responses
• Elements of the QM system
• Documentation of the QM system and activities
• The importance and role of monitoring and reassessment
• Engagement quality reviews (ISQM 2)
• Engagement quality at engagement level (ISA220R)
• Quality monitoring, evaluation and re-assessment

Way forward After the Training

Participants will develop a work plan through the help of facilitators that stipulates application of skills acquired in improving their organizations. ASPM will help monitor implementation progress after the workshop.