ISQM2 - Engagement Quality Reviews

International Standard on Quality Management 2 (ISQM 2) Engagement Quality Reviews is a completely new standard, though it does build on some of the content in 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.  ISQM 2 will apply to audits and other assurance engagements for periods beginning on or after 15 December 2022.

In this hour-long session we will cover:

• The scope of engagements covered by ISQM 2;
• Eligibility of engagement quality reviewers (including independence);
• How to perform an engagement quality review;
• Documentation of the review.

We will also pick up how ISQM 2 links in with the requirements of ISQM 1.