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International Standards on Quality Management

  • All levels
  • 18 and older
  • $590.58
  • Live Online
  • 4 hours
International Standards on Quality Management

Start Dates (0)

  • $590.58
  • Live Online
  • 4 hours
  • Price includes tax
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Class Description

Description

What you'll learn in this audit class:

The International Auditing and Assurance Standards Board (IAASB) completed its project on the revision of the Quality Management Standards in 2019. The objective of this project was to improve the robustness of firms’ systems of quality control through introducing a more proactive, tailored approach, increasing leadership and governance accountability and responsibility and improving the focus on monitoring and remediation. The revision also incorporated calls for scalability as well as modernization.

The revision to this suite of standards comes at a time when the profession is facing increasing global criticism for its role in failing to detect, or act, to prevent rising corporate governance failures, and a concerning number of audit quality indicators showing findings in areas where there are increasing accounting complexities, in particular in estimates and significant judgments. With the recent release of new accounting standards by IFAC for IFRS 15, 16, 7 and 9, for example, many auditors have fallen short on audit quality relating to the auditing of these complex matters. These accounting changes represent an example of a risk to audit quality. A key aspect of the revision of the quality management standards is a shift to a risk-based approach to audit quality management which requires the assessment and design of an appropriate risk response. This is an excellent example of an audit quality risk that can be proactively identified by a firm and managed through interventions so as not to impact audit quality adversely.

The quality management standards comprise 3 standards – ISQM1, ISQM2 and ISA220, relating to Quality Management at a Firm-Level, the Management of Engagement Quality Reviews and  Quality at Engagement Level respectively.

This short course is designed to enable auditors to understand the requirements of the new quality management standards and the process for practical implementation within firms. The standards are applicable from 15 December 2022. By this time, all firms to which these standards apply must have designed and implemented a system of quality management that complies with these standards, and be ready to commence its use.

At the end of this course participants will be able to:

  • 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

Who Should Attend

  • Public practitioners who audit, or play a substantial role in auditing, public company financial statements
  • Audit supervisors and managers at public audit practices

Topics

  • 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

Prerequisites

A reasonable understanding of auditing. No advance preparation is required for this course.

Remote Learning

This course is available for "remote" learning and will be available to anyone with access to an internet device with a microphone (this includes most models of computers, tablets). Classes will take place with a "Live" instructor at the date/times listed below.

Upon registration, the instructor will send along additional information about how to log-on and participate in the class.

Refund Policy

Cancellation/Refund Policies:
  • Provider reserves the right in its sole discretion to cancel or reschedule an Event, or to change the instructor without notice. You will be entitled to no compensation or damages in such a case.

  • If Provider cancels an Event (or reschedules it to a date inconvenient to you), we will provide a full refund within 30 days upon your written request, or at your option you may transfer the credit to another Provider Event or to another person.
     
  • If you cancel your registration in writing to Provider at least 14 days before the start of the Event, we will provide an 80% refund - the remaining 20% represents our administration fee. Alternatively, you are welcome to transfer the full credit to another course or to another person at no extra charge.
     
  • If you cancel your registration with less than 14 days prior written notice to Provider, or do not attend the Event for any reason whatsoever, no refund will be made and no Provider Content will be distributed to you. A transfer of the credit to another course or to another person may be possible, in Provider's sole discretion, at an extra charge equal to 20% of the original registration fee.

  • No refunds will be made after you have attended the Event. Nonetheless, the Provider is proud of its reputation in the marketplace and also of its level of customer service, and will always seek to address any concerns that you may have before, during or after the course.

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IASeminars

Whatever your requirements are for training in international accounting, you can be assured that IASeminars are ready to deliver. Offering topics such as IFRS, US GAAP, IPSAS, Management Accounting and Banking Regulation, here at IASeminars we are passionate about helping you progress your professional...

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