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This non-authoritative First-time Implementation Guide facilitate stakeholders' understanding of the International Standard on Quality Management ISQM 1, Quality Management for Firms Conducting Audits or Reviews of Financial Statements and Other Assurance Services Engagements, including guidance on implementing these standards effectively. The guide emphasizes that firms must establish systems of quality management conforming with ISQM 1 by December 15, 2022.
that while this publication offers useful insights and best practices for implementation, it does not replace the authoritative text found within ISQM 1 itself. We recomm reading both documents in conjunction to ensure comprehensive understanding.
This edition supersedes an earlier version published in June 2021.
The International Federation of Accountants IFAC provides this guide as a companion resource for firms seeking guidance on transitioning their operations and management practices to align with ISQM 1. The m is to support firms in developing and mntning robust quality management systems that meet the requirements by IFAC's standards.
To effectively implement ISQM 1, consider these core elements:
Compliance: Ensure your firm’s quality management system complies with all applicable requirements of ISQM 1.
Integration: Integrate quality management practices throughout your operations to enhance service delivery and risk management.
Review and Feedback: Regularly review the effectiveness of your quality management systems, gathering feedback from stakeholders e.g., clients, staff to drive continuous improvement.
For a comprehensive overview of IAASB's suite of quality management standards, visit our website.
For any inquiries or further assistance regarding this guide or IFAC's resources:
Website: www.ifac.orghttp:www.ifac.org
Copyright ? 2024 The International Federation of Accountants IFAC. All rights reserved.
Explore a range of publications and materials that complement ISQM 1:
2023-2024 Handbook on Quality Management StandardsLink
IAASB Annual Report 2022: Balancing Effectiveness TimelinessLink
Adoption Guide for ISA for LCELink
ISA for LCE Authority of the Standard Supplemental GuidanceLink
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Visit our websitehttp:www.ifac.org
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