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Webinar | ACCA

Understanding the ISQM updates

This session will be a practical update on how to best implement the new ISQM updates in to your practice

Overview

Needs to change!

With the new ISQM updates coming into place from 15 December 2022, we know just how important it is for you to better understand the theory of these, as well as how to put these in to practice. Our hands-on webinar will cover theory, examples and give an ACCA perspective.

Part 1: Setting the scene: what motivated IAASB to develop the QM suite of standards?

Part 2: A deep dive into ISQM 1, ISQM 2 and ISA 220, with examples.

Part 3: A perspective from ACCA Practice Monitoring.

Key features

  • introduction to Quality Management Standards
  • ISQM 1 – quality management for firms that perform audits or review of financial statement or other assurance or related service engagements
  • system of quality management
  • risk assessment process
  • governance and leadership
  • relevant ethical requirements
  • acceptance and continuance of client relationships
  • engagement performance
  • resources
  • information and communication
  • monitoring and remediation
  • root cause analysis
  • ISQM 2 – engagement quality review
  • ISA 220 revised – quality management for an audit of financial statements.

Michael Scott
Director, PCP

Michael Scott is a fellow of ACCA and a member of ICPAC (Institute of Chartered Public Accountants of Cyprus). He has extensive experience in the field of audit regulation and audit compliance, initially with ACCA’s Practice Monitoring Department and then through his role with PCP. Michael has run practical audit compliance and ISQM workshops for a number of professional accountancy bodies around the world for the last 20 years and has extensive experience of working with small and medium-sized accountancy practices on a global basis. He is the author of PCP’s ISQM Manual which is currently being implemented by a number of top 30 international accounting networks.

Michael also acts as a compliance consultant to an international accounting network which is a member of the forum of Firms and was until recently the director of quality control and regulation at the same network.

Chun Wee Chiew
ACCA's Policy and Insights lead for Asia Pacific.

Chun Wee is ACCA’s Policy and Insights lead for the Asia Pacific region. He works with ACCA members and key stakeholders to identify and drive research initiatives that provide evidence-based policy and thinking impacting the business community and profession, supporting ACCA’s delivery of public value. Chun Wee is a board member on the IAASB and serves as a taskforce member on a variety of key IAASB projects including the quality management standard (firm level) and audits of less complex entities. Prior to joining ACCA, Chun Wee was a key member of the Professional Practice Department of a Big Four accounting practice, where he focused on audit methodology and regularly delivered internal and external trainings on auditing and quality assurance matters.

Louis Theodotou

Louis Theodotou is the lead of the Global Assurance team within ACCA’s Practice Monitoring department. He has extensive experience in audit regulation and audit quality reviews of practicing firms.

This webinar was recorded on 5 October 2022. 

Price

Price (excluding VAT) 60 GBP

Location

United Kingdom

Date & time

On demand

Enquiries

Email enquiries UKCL@accaglobal.com

Course provider

ACCA logo