Round table: ISQM 1 implementation update

Round table: ISQM 1 implementation update - Recording NOW available!

17th November 2022

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With just one month to go before ISQM 1 comes into effect, MGI Worldwide's Technical Committee members share their experience and practical advice on the necessary requirements, as well as highlighting some of the resources available to audit firms to implement their quality management standards. To learn more, click below to watch the recording of the round-table session held on 15 November.

About ISQM 1

The globally accepted quality standard, ISQC 1, is being replaced on 15 December 2022 by a suite of three standards, including ISQM 1, that will require the attention of all member firms performing audits where ISQM 1 will be adopted (in some form) in your home territory. 

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.

Topics covered during this session:

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

Recording of the round-table session

This recording is password protected. For the password as well as for the presentation shared during this session please visit the Webinars page in the Member area or contact ana.travassos@mgiworld.com.

Useful resources (links)

IAASB	Source of the standard itself and the very useful first-time implementation guide
IFAC	The start of a new serios, focusing on smaller firms’ implenmentatio
ICAEW (UK)	Have a webpage hub for guidance on matters such as implementation for a sole practitioner to considering software available commercially that may help
SAICA (South Africa)	Lots of resources, including access to webinars and slide packs, together with an example risk assessment document that may be of use guiding members
CPA Canada	Link to an implementation tool for the Canadian version of the standard

Our panelists: MGI Worldwide Technical Committee


	Jane Lowden F. W. Smith, Riches & Co. London, UK	Karin Monchak MGI Assurance Auditores Independentes S.S Curitiba, BRAZIL	Deepak Goil Tambakad & Goil, Chartered Accountants Bangalore, INDIA

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.

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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