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The International Auditing and Assurance Standards Board (IAASB) has raised the bar for quality management and issued three Quality Management standards in December 2020 namely, ISQM 1 Quality Management at the Firm level, ISQM 2 Engagement Quality Review and ISA 220 (revised) Quality Management at the engagement level. These three new interrelated standards are effective on 15 December 2022. The clock is ticking, and it is never too early to get your firm prepared or updated on the new requirements.

Under the new standards, audit firms are required to adopt a risk-based approach to implement quality management systems that are responsive to changes in the nature and circumstances of the firms and their engagements. This timely and practical day workshop will provide you with insightful knowledge to help address your concerns on the International Standards on Quality Management (ISQM) implementation process.

Programme Outline

  • What is ISQM 1 ?
  • Key changes of ISQM from the current standard, ISQC 1
  • Focus on key areas and more complex aspects of the standards
  • Highlights of key changes from extant standards
  • Common practical challenges Small and Medium-sized Practices (SMPs) are facing, and recommended approaches to address these challenges through case-studies and discussion

At the end of the workshop, you will take away a free ISQM implementation starter kit which will consist of examples of possible quality risk, samples of suggested policies and procedures and implementation help tips to tailor and customise the system of quality management for your firm.

This workshop qualifies for 7.0 CPE hours in Auditing Standards, Pronouncements and Methodology (Category 3).

What you will learn

  • Understand the key areas and changes in the Quality Management standards
  • Appreciate the common practical challenges audit firms are facing in implementing these standards
  • Understand the recommended approaches to address these implementation challenges

Target Audience

Auditors in CPA Firms

Expert Speaker

Magdalene Ang

Magdalene is a Chartered Accountant (Practising) (Singapore) and a Fellow Chartered Certified Accountant (FCCA). Her professional experience includes the audit of diverse companies ranging from small and medium enterprises to Singapore listed companies and MNCs. She was involved in Initial Public Offering (IPO) and Reverse Take Over (RTO) roles. She was also a Finance Manager of a US MNC, where she was involved in tax planning, credit control and cash flow management of the Group’s operations in Singapore, Malaysia, China, Indonesia and India.

In 2012, Magdalene joined ISCA as a Manager in the Quality Assurance Department, and had launched the Quality Assurance Review Programme, Technical Clinics, and the Online Technical Forum. She contributed monthly articles on audit related topics such as Inventories, Related Parties and many more based on the monthly technical clinics conducted. She was also formerly a Quality Assurance Review Advisor under the ISCA Quality Assurance Review Programme.

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