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MGI Worldwide shares IFAC's first instalment of additional support for small firms on the IAASB's Quality Management Standards

The International Federation of Accountants (IFAC) recently released the first instalment in a three-part publication series to help small- and medium-sized practices implement the International Auditing and Assurance Standards Board’s (IAASB) new quality management standards. The IAASB’s suite of quality management standards were issued in December 2020 and come into effect on December 15, 2022.

Instalment One: It is time to get ready for the new quality management standards, addresses the mindset change the new standards require, and the shift in focus from quality control to quality management. It also includes developing a project implementation plan, an introduction to quality objectives, the risk assessment process, and assigning roles and responsibilities. 

The three-part series will provide tips and guidance for practical implementation of the IAASB’s standards. Instalment two will focus on developing a detailed implementation plan and instalment three will address monitoring and remediation.

Find out more at ifac.org/qualitymanagement.

About IFAC

IFAC is the global organisation for the accountancy profession dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. IFAC is comprised of 180 members and associates in 135 jurisdictions, representing more than 3 million accountants in public practice, education, government service, industry, and commerce.

Don't miss our ISQM 1 round table

Join us on this round-table discussion on Tuesday 15 November to hear your Technical Committee members share their experiences of transition from the existing ISQC 1 standard, including how they have approached the important risk assessment stage in ISQM 1.

This session will aim to give attendees: 

• insight into the areas of focus and challenges faced by firms in transitioning to the new standards
• feedback from member firms on progress so far, and top tips and sources of help and guidance
• opportunity for members to ask questions and direct future Technical Committee presentations on this topic.

Panelists 

MGI Worldwide Technical Committee

Moderated by

Jo Parker is the Technical Consultant at MGI Worldwide’s Global Quality Partner, Mercia Group.

For more information, please contact Jo Parker at jo.parker@mercia-group.com. 

We hope you can join us!

MGI Worldwide with CPAAI, is a top 20 ranked global accounting network and association with almost 9,000 professionals, accountants and tax experts in some 400 locations in over 100 countries around the world. 

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