ISQM 1
What is ISQM 1?
Quality Management for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements, replaces the IAASB’s current standard, International Standard on Quality Control (ISQC) 1, which addresses firms’ systems of quality control. Under ISQM 1, firms are required to design a system of quality management to manage the quality of engagements performed by the firm. ISQM 1 applies to all firms that perform audits or reviews of financial statements, or other assurance or related services engagements (i.e., if the firm performs any of these engagements, ISQM 1 applies to managing quality for those engagements).
(https://www.ifac.org/_flysystem/azure-private/publications/files/IAASB-ISQM-1-Fact-Sheet.pdf)
ISQM 2
What is ISQM 2?
Since an engagement quality (EQ) review is a specified response designed and implemented by the firm to address quality risks, 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, addresses the scope of engagements subject to an EQ review.
The performance of an EQ review is undertaken at the engagement level by the EQ reviewer on behalf of the firm. Accordingly, ISQM 2, Engagement Quality Reviews, addresses:
• The appointment and eligibility of the EQ reviewer; and
• The EQ reviewer’s responsibilities relating to the performance and documentation of an EQ review
(https://www.ifac.org/_flysystem/azure-private/publications/files/IAASB-ISQM-2-Fact-sheet.pdf)
ISA 220 (Revised)
What is of ISA 220 (Revised)?
Quality Management for an Audit of Financial Statements, deals with the specific responsibilities of the auditor regarding quality management at the engagement level for an audit of financial statements, and the related responsibilities of the engagement partner.
(https://www.ifac.org/_flysystem/azure-private/publications/files/IAASB-ISA-220-Fact-Sheet.pdf)
Who Should Attend?
- Approved Company Auditors
- Audit Partners
- Audit Managers Partners Responsible for Engagement Quality Management Audit Seniors and
- Staff of Audit Firms and Academicians.
Mr. James Chan
Partner, Audit & Assurance Crowe Malaysia PLT
James graduated with the Malaysian Institute of Certified Public Accountants professional qualification in November 2003. He has more than 20 years of experience in the Audit and Assurance services. James heads the Technical & Training Department of Crowe and is responsible for overseeing the firm’s Quality Management System. He is also in charge of one of the Audit and Assurance divisions.
His experience encompasses areas such as statutory audits of companies including public interest entities, review of forecasts and projections, financial due diligence and preparation of accountants’ report in connection with corporate restructuring, initial public offerings and mergers and acquisitions. In addition, he was involved in the reverse takeover of a few public listed companies in the education and IT industry. He has also extensive experience in investigative audit which entails reporting to the Securities Commission and for court proceedings.
James has conducted many public speaking assignments for professionals in the areas of risk-based audit methodology, forensic accounting, initial public offerings and advanced level of accounting on business combinations involving complex restructuring, mergers and acquisitions.
Speaker
Contact Information
- Ms. Y Mengchandapich
- Membership Officer
- +855 11 96 33 10 | 77 24 17 07
- info@kicpaa.org
- Understand the transition from ISQC1 to the new ISQM1 and ISQM2
- Gain an overview and understanding on the implementation of ISQM1 and ISQM2
- Gain an overview and understanding on the implementation of ISA 220 (Revised)
- Introduction of ISQM1, Comparison Between ISQC 1 to ISQM 1, Firm’s Risk Assessment Process
- Governance & Leadership, Relevant Ethical Requirements
- Acceptance & Continuance of Client Relationships and Specific Engagements Resources
- Engagement Performance Information & Communication
- The Monitoring and Remediation Process, Evaluation of the Firm’s System of Quality Management (SoQM)
- ISA 220 Professional judgement and skepticism Significant risk areas