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Quality Management
The quality management standards bring 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.
The new standards intend to improve engagement quality through:
- Modernizing the standards for an evolving and increasingly complex environment, including addressing the impact of technology, networks, and use of external service providers;
- Increasing firm leadership responsibilities and accountability, and improving firm governance;
- More rigorous monitoring of quality management systems and remediating deficiencies;
- Enhancing the engagement partner’s responsibility for audit engagement leadership and audit quality; and
- Addressing the robustness of engagement quality reviews, including engagement selection, documentation, and performance.
| Effective date: 15 December 2022 |
|---|
Singapore Quality Management Standards
| SSQM 1 |
| SSQM 2 |
| SSA 220 (Revised) |
| Conforming Amendments to SSAs |
| Conforming Amendments to Other Standards |
Implementation Support
ISCA Resources
ISCA Quality Management Workshop
ADT191: SSQM Implementation - Guide to an effective system of Quality Management
APWEB08: Implementation of Quality Management Standards [Closed]
QA073: Quality Management 1.5-Day Workshop [Closed]
Other Resources
IAASB Webinars
Webinar One: All You Need to Know about the Firm’s Risk Assessment Process
Webinar Two: Resources: Expectations for Firms and Engagement Partners
Webinar Three: What’s New for Firms’ Monitoring and Remediation Processes
Webinar Four: Bringing it All Together: Exploring all the Components of a Quality Management System
Quality Management Standards: Perspectives on Initial Implementation Efforts
An Overview of the IAASB’s Quality Management StandardsFor more international resources, please click here.