CCH Learning SEA


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This practical workshop aims to provide insight in understanding the components requirements and responses of the new ISQM 1. This workshop consists of an illustrative toolkit and templates designed to help the audit firm to set quality objectives, identify and assess quality risks and to develop responses (including those which are specified in ISQM 1) to form an effective system of quality management (SOQM). Audit firms must implement their SOQM by 15 December 2022.

The toolkit would be suitable for use by audit firms (SMPs) with a small number of audit partners and fewer than 100 audit clients, none of whom are Public Interest Entities (PIEs) or Other Entities of Public Interest (OEPIs). Such firms may be in a national or international network or association.

The workshop has collection of documents to encourage the audit firm to think about its circumstances and the possible events, conditions and so on, that could stop it from achieving consistently high standards of audit quality, and to help the firm record this process.

The workshop will walk delegates with a toolkit that would facilitate SMPs to understand the requirements of the ISQM 1 and implement the standards in the manner intended. It deals with audit firm’s responsibility for having a system of quality management in accordance with ISQM 1.

Programme Outline

  • Introduction and Applicability
  • Adaption of SOQM for Smaller Firms
  • Establishing a System of Quality Management (SOQM)
  • Commitment by Leadership
  • The Firm’s Risk Assessment Process
  • Governance and Leadership
  • Relevant Ethical Requirement
  • Acceptance and Continuance of Client Relationships
  • Resources
  • Engagement Performance
  • Information and Communication
  • Monitoring and Remediation Process
  • Network Requirements or Network Services
  • Evaluating the System of Quality Management
  • Common ACRA’s findings
  • Documentation
  • (Not a component) ISQM 2 - Engagement Quality Reviews (EQR)

This workshop qualifies for 7 CPE hours in Auditing Standards, Pronouncements and Methodology (Category 3).

What you will learn

At the end of this course, participants will be able to:

  • Understand the key components in the new International Standards on Quality Management (the new ISQM standards), the objective of ISQM 1, the key principles and terminology contained in the new ISQM standards
  • Apply a risk-based approach in implementing an effective system of quality management (SOQM), with guidance and illustrative toolkit and templates
  • Identify the applicable risk areas of the standards, apply the process to assess quality risks and construct responses to quality risks to achieve high standards of audit quality for your firm and its engagements
  • Correctly Implement the firm’s own system of quality management (SOQM) that comply with the new ISQM standards
  • Confidently apply the monitoring and remediation process in the firm’s SOQM
  • Apply the process of evaluation and reassessment of quality risks and response

Target Audience

Audit firms, Practitioners and ISQM Champion Teams

Expert Speaker

Eng Hwa Luar

Mr. Luar has more than 40 years of working experience in areas concerning audit and assurances, fraud examination and investigation, accounting, corporate secretarial and advisory as well as tax compliance and advisory services for international and local businesses. As a business consultant, he renders advisory to corporations and assists them in their preparation for IPO, and is active in corporate restructuring, investment decisions, due diligence and perform feasibility studies for companies resulting from his client's business expansion.

Mr. Luar started his professional career since 1983 and thereafter with several medium-sized local accounting practices, handling a mixed portfolio of clients on advisory services, assurance services and tax advisory & compliance. He is the Founder of E H Luar & Co, an accounting firm established in 1999 that delivers a full range of professional services tailored to the needs of both private sector business and public interest entities. He has acted as an Audit Committee Chairman and Advisor to a Large Charity, Independent Director of several privately-owned fund-investments companies listed in overseas stock exchange.

Mr. Luar is a Public Accountant and a Fellow Chartered Accountants of Singapore, a Fellow Chartered Certified Accountants in UK, and a Fellow CPA (Australia). He holds a practising certificate as a Certified Fraud Examiner since March 2000, and an Accredited Tax Advisor (Income Tax & GST). He is also a member in the Singapore Institute of Arbitrators and the Singapore Institute of Directors.

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