ISQM1 - Quality Assurance Management Is An Essential Element Of Modern Practice.

Have you ever wondered how audit firms are organised?

What policies and procedures do they have in place to ensure quality deliverables through the reports they issue?

Audit firms provide assurance about the financial and non-financial status of businesses. They play a critical role in retaining the trust of the various stakeholders and users of the audited published information.

The increasing complexity of the organisational structures, the advancement of technologies, the evolving regulatory requirements and the continuous updates of the financial reporting requirements have led to the adoption of the International Standard of Quality Management 1 ("ISQM 1"), which substitutes the older International Standard of Quality Control.