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New Implementation Guide Available for Quality Management for Audits of Financial Statements

The International Auditing and Assurance Standards Board (IAASB) released the First-time Implementation Guide for ISA 220, Quality Management for an Audit of Financial Statements. The guide will help stakeholders understand the standard and properly implement its requirements as intended.

Alongside the previously released implementation guides for International Standard on Quality Management (ISQM) 1 and 2, the new Guide will help stakeholders implement the IAASB’s suite of quality management standards that come into effect on 15 December 2022.

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