"𝗜𝗔𝗔𝗦𝗕 𝗜𝘀𝘀𝘂𝗲𝘀 𝗤𝘂𝗮𝗹𝗶𝘁𝘆 𝗦𝘁𝗮𝗻𝗱𝗮𝗿𝗱𝘀

Do you know that the recent corporate failures, have raised fundamental questions regarding the relevance and quality of #audits?

In lieu of that #IAASB approved its new and revised suite of Quality Management standards, one among that is #ISQM1

ISQM1 is focused on ""Quality Management for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements""

The new approach under this standard requires a firm to customize the design, implementation and operation of its system of quality management based on the nature and circumstances of the firm and the engagements it performs. The new approach also requires the firm to transition from policies and procedures that address standalone elements, as required by extant ISQC 1, to an integrated approach that reflects upon the system as a whole."