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. i fac.org /_ f l ysystem/azure-private/publications/files/IAASB-ISA-220-Fact-Sheet.pdf)
Who Should Attend?
- All External Auditors
- All Financial Positions
- Accountants
- Internal Auditors
- Analysts
- Chairman
- CEO
- CFO
- Professors, and
- Instructors.
Philipp Vater
Audit Director at Deloitte Singapore
Philipp Vater is an Audit Director at Deloitte Singapore with 14 years of experience in the audit business, including the audit of small, medium and large listed and non-listed enterprises, as well as in internal roles in the NPPD and Audit Risk team. He holds the audit CPA license in Germany and Switzerland.
Philipp has co-led the implementation of ISQM 1 and 2 across the Deloitte SEA network.
His sector experience includes manufacturing, consumer business, semi-conductor, automobile, logistics, food and beverage.
Current and previous roles / responsibilities relate to the Deloitte cluster firm SEA (comprising the countries Singapore, Malaysia, Thailand, Indonesia, Vietnam, Philippines, Cambodia, Myanmar, Laos, Brunei, Guam) Furthermore, Philipp Vater has been closely working with the Swiss Audit Procession EXPERT Suisse as a member of various task forces, including a task force to revise the Swiss Audit Manuals.
He has further greater experience as an author for technical articles, and has been a speaker at various occasions, internally and externally.
Speaker
Contact Information
- Ms. Y Mengchandapich
- Membership Officer
- +855 11 96 33 10 | 77 24 17 07
- info@kicpaa.org
Explain the new International Standards on Quality Management and providing guidance in practical application.
- The course will start with a brief introduction into the new International Standards on Quality Management, a general overview of new requirements, including key changes to previous ISQC1, important milestones in implementation.
- The course will then explain the three new or revised standards ISQM 1, ISQM 2 and ISA 220 revised in detail, highlighting important requirements and changes.
- Lastly, the course will highlight important steps in practical application of new International Standards on Quality Management, with a particular focus on smaller audit firms.
Agenda
-
8:30 am-9:00 am
Registration
All
-
9:00 am-9:05 am
Welcome Speech
Mr. Khun Darith, President of KICPAA
-
9:05 am-10:35 am
Introduction into the new International Standards on Quality Management
Philipp Vater, Audit Director Deloitte Singapore
-
10:35 am-10:50 am
Coffee Break
All
-
10:50 am-12:00 pm
ISQM 1
Philipp Vater, Audit Director Deloitte Singapore
-
12:00 pm-1:30 pm
Lunch Break
All
-
1:30 pm-3:00 pm
ISQM 2 & ISA 220
Philipp Vater, Audit Director Deloitte Singapore
-
3:00 pm-3:15 pm
Coffee Break
All
-
3:15 pm-4:20 pm
Practical application of ISQM
Philipp Vater, Audit Director Deloitte Singapore
-
4:20 pm-5:00 pm
Q&A and Photo Session
Speaker & Participants