ISQM 11, ISQM2 2 and ISA 220 (Revised)3 come into effect on 15 December 2022. These standards are expected to have a significant impact on all firms that perform engagements in accordance with the IAASB standards.
The South African Institute of Chartered Accountants (SAICA), in collaboration with the Pan African Federation of Accountants (PAFA) and the Independent Regulatory Board for Auditors (IRBA), has introduced a series of monthly virtual workshops where different aspects of the international quality management standards are addressed and participants have an opportunity to clarify their understanding of the implementation of the standards.
The ninth workshop took place on 7 December 2022 and provided a recap of the content covered during the previous eight workshops. During the ninth workshop, panel members answered the following two important questions per component/standard:
View table here.
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 Management (ISQM) 2, Engagement Quality Reviews.
3 International Standard on Auditing (ISA) 220 (Revised), Quality Management for an Audit of Financial Statements.
Mari Baragwanath CA(SA), Head of Quality Control at SNG Grant Thornton; Henk Heymans CA(SA), Director at RSM SA Inc; Christel Pretorius CA(SA), Partner at BDO; Tarina Els CA(SA), Technical and Training Director at LEAF; Yvonne Rossouw CA(SA), public speaker and consultant at ProBeta; Juané Schreuder CA(SA) independent consultant ; Michelle Vermeulen CA(SA), Project Manager: Assurance at SAICA