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Quality Management at the Firm Level – IAASB

Date recorded:

At its meeting on December 9-13, 2019, the IAASB continued to discuss the key issues highlighted by respondents to the Exposure Draft of ISQM 1 including the scalability, complexity and prescriptiveness of the standard, appropriate tailoring of the system of quality management for their circumstances and the making sure the standard that can be applied in all circumstances. The Board supported the changes to the structure of the standard, adjusting the quality objectives and responses in the components to be more streamlined and the revisions to the drafting and presentation of the standard to simplify and improve the readability of the standard.

The Board also agreed with proposed revisions to the firm’s risk assessment process, including introducing factors to consider in identifying and assessing quality risks. The Board supported the ISQM 1 Task Force’s proposals to embed a risk-based approach in the monitoring and remediation component, improve the selection of engagements for inspection such that it is more risk-based, and further clarify the framework for evaluating findings and identifying deficiencies.

Review the summary, including the podcast, on the IAASB's Web site.

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