ISQM1 - Risk Assessment

International Standard on Quality Management 1 (ISQCM 1) Quality Management for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements will replace the current International Standard on Quality Control 1 (ISQC 1) Quality Control for Firms that Perform Audits and Reviews of Financial Statements, and other

Assurance and Related Services Engagements in December 2022 and the difference between the two standards is more than just a change in the wording “control” to “management”.

Join us on this hour-long session where we will look at a key aspect of the new standard, the risk assessment.

We will cover:

• An introductory overview of the new standard and what this may mean for a firm and their System of Quality Management (SOQM);
• Identifying risks to a firm’s quality objectives;
• Designing and implementing appropriate responses to those risks; and
• Keeping the risk assessment and responses under review.

We will provide some practical examples for both large and small firm scenarios.