Course Details

This session is relevant to all audit firms who, in accordance with the International Standard on Quality Management (ISQM), must design, implement and operate a system of quality management for audits or reviews of financial statements, or other assurance or related services engagements. With the implementation date of 15 December 2022 fast approaching firms need to get ahead of this as all firms should have a complaint ISQM1 manual in place by the effective date so they can assess its effectiveness 12 months later. 


ISQM1 requires firms to move from a compliance based approach to a risk-based one, using a proactive and tailored approach to managing the quality of audit engagements. Firms will now need a proactive response to changing circumstances, proactively managing or mitigating risks, and promoting continual improvement and responsiveness. This will include an increased emphasis on monitoring the system as a whole and timely and effective remediation of issues. Therefore, the importance of the ACR as part of your ISQM1 policies & procedures cannot be emphasised enough not only from a compliance point of view but also from a learning and quality improvement perspective. 


As we transition from ISQC1 to ISQM1, the ACR / CFR process will be a key tool to demonstrate your firm’s approach to quality management and overall compliance with ISQM1. As part of the monitoring visit process, all the Institutes will assess and evaluate the standard of the firms ISQM1 together with the effectiveness of its ACR / CFR process. 

In this session, Elaine Jackson discussES the following topics:

  • The objective of ISQM1
  • The Risk Assessment Process
  • The Quality Objectives
  • ISQC1 elements brought into ISQM1
  • Tips for ISQM1 Implementation

CPD Course Speaker

OmniPro

Elaine Jackson

Today we are joined by Elaine Jackson, Director of Audit and Compliance at Michael Power Accountants, specialising in Audit, Debt Review/Restructuring and Compliance. Michael Power Accountants provide Audit, Accountancy, Tax and Financial Advisory Services to businesses across Munster, operating from our offices in Tipperary Town and Clonmel. Many of you will already know Elaine. Elaine has previously worked with OmniPro as Head of the Accountants Resource Centre and was also a member of OmniPro’s Practice Support team

OmniPro

Colm Owens

As a member of our Practice Support team, Colm’s focus is on helping practices achieve on-going best practice compliance, prepare for monitoring visits and assist with post-monitoring visits follow-ups.

Having spent the 6 years prior to joining OmniPro as a quality reviewer with Chartered Accountants Ireland Colm has a unique insight into how firms operate, the challenges facing firms and how firms are responding to current issues facing them and the profession.