On 26 August 2022 SAICA presented a practical ISQM 11 webinar specifically aimed at small and medium-sized practices (SMPs). Several questions were posed to the delegates during the webinar. This article will share the responses received from the delegates.
These responses of course do not represent the results of a survey of the entire population of SMPs, nor from a statistically and/or randomly selected sample. The results, however, are insightful and provide a peep into the achievements, challenges and views of SMPs.
View the infographics of findings here.
In conclusion, whilst ISQM 1 brings about a new dawn in the profession for quality management, it also exposes the vulnerabilities of smaller practices. Therefore, it is imperative for SMPs to use the implementation of ISQM 1 as an opportunity to robustly re-evaluate their current business models, policies and procedures. This is not only to become compliant but also to seize the opportunities within the new world of assurance and related services.
Email firstname.lastname@example.org if you would like to view the slides and recording of The Implementation of the Quality Management Standards by Small and Medium-sized Practices” webinar held on 26 August 2022.
1 International Standard on Quality Management (ISQM) 1, Quality Management for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements
2 International Standard on Quality Control (ISQC) 1, Quality Control for Firms that Perform Audits and Reviews of Financial Statements, and Other Assurance and Related Services Engagements.
3 International Standard on Auditing (ISA) 220, Quality Management for an Audit of Financial Statements.
Annalien Carstens MCom, CA(SA), RA, Chartered Tax Advisor, Managing Director of Altimax; Cristal Henning MBA, CA(SA), RA, Chartered Tax Adviser, Associate Director at Altimax; Doné Pienaar CA(SA), RA, General Tax Practitioner (SA), Associate Director at Altimax; Michelle Vermeulen MCom, CA(SA), SAICA Project Manager: Assurance