An Overview of the IAASB’s Quality Management Standards

[@a.c.c.514]

Thanks, very good overview.

[@pauloarakaki212]

Well done. Regards.

[@BalajiMAthreya]

Nice crisp presentation and also informative. However, I do personally feel that there needs to be a lighter version of ISQM-1 for small and medium firms. Some of the requirements and controls to be implemented can be hard for small/medium firms but possible for larger firms and networks. The standard itself appears to be more large firm focused. Disclaimer: The views expressed in my comment are my own personal views and do not express those of my employer or represent anyone else.

[@IAASB]

Thank you for your comment. In developing and finalizing the suite of quality management standards, scalability was at the forefront of the IAASB deliberations. For ISQM 1, the IAASB considered, but did not support, developing separate standards for firms based on the nature of engagements the firm performs, because ISQM 1 is a principles-based standard that has adopted a risk based approach focused on the nature and circumstances of the firm and its engagements. The ISQM 1 Fact Sheet summarizes how scalability has been addressed in ISQM 1. Please also keep a look out for our implementation support materials that will be coming soon.

[@MaMlie14949]

Well presented

[@emmanuelkakinda7785]

very good