Description
ISQM (UK) 1 represents a significant change for audit firms.
ISQM (UK) 1 replaced the ISQC (UK) 1 in December 2022. The new standard requires a more proactive approach to identifying and managing 'quality risks' which can result in a firm issuing an incorrect audit report. To achieve this, firms must establish and monitor a System of Quality Management (SOQM) which is more comprehensive than existing audit procedures documentation.
ISQM (UK) 1 replaced the ISQC (UK) 1 in December 2022. The new standard requires a more proactive approach to identifying and managing 'quality risks' which can result in a firm issuing an incorrect audit report. To achieve this, firms must establish and monitor a System of Quality Management (SOQM) which is more comprehensive than existing audit procedures documentation.
