The quality management standards, which will become effective from 15 December 2022, bring about important changes to the way professional accountancy firms are expected to manage quality for audits, reviews, and other assurance and related services engagements. They include a new proactive risk-based approach to effective quality management systems within firms that establish the foundation for consistent engagement quality.
This audit bulletin contains frequently asked questions to assist firms in the implementation of the quality management standards.
 The quality management standards comprise:
- Singapore Standard on Quality Management (SSQM) 1, Quality Management for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements (previously SSQC 1)
- SSQM 2, Engagement Quality Reviews
- Singapore Standard on Auditing (SSA) 220 (Revised), Quality Management for an Audit of Financial Statements