Quality Management at the Firm Level – IAASB

Date recorded:

At its meeting on December 10-14, 2018, the IAASB, in finalizing the ED, discussed the definition of deficiencies and bringing more emphasis to positive findings from the firm’s monitoring activities and how they may be used in the system of quality management. The Board also discussed the requirement for the firm to establish additional quality objectives beyond those required by the standard and further clarifying the identification and assessment of quality risks. In addition, the Board suggested further simplification of the requirement addressing communication with external parties, although in general agreed to retain an explicit reference to transparency reports in the requirement. The Board also discussed network requirements or network services, and adjusted the requirement to clearly reflect the expectations of the firm regarding the effect of network requirements or network services on the firm’s system of quality management.

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