Course Details

This session is relevant to all audit firms who, in accordance with the International Standard on Quality Management (ISQM), must design, implement and operate a system of quality management for audits or reviews of financial statements, or other assurance or related services engagements. With the implementation date of 15 December 2022 fast approaching firms need to get ahead of this as all firms should have a complaint ISQM1 manual in place by the effective date so they can assess its effectiveness 12 months later. 


ISQM1 requires firms to move from a compliance based approach to a risk-based one, using a proactive and tailored approach to managing the quality of audit engagements. Firms will now need a proactive response to changing circumstances, proactively managing or mitigating risks, and promoting continual improvement and responsiveness. This will include an increased emphasis on monitoring the system as a whole and timely and effective remediation of issues. Therefore, the importance of the ACR as part of your ISQM1 policies & procedures cannot be emphasised enough not only from a compliance point of view but also from a learning and quality improvement perspective. 


As we transition from ISQC1 to ISQM1, the ACR / CFR process will be a key tool to demonstrate your firm’s approach to quality management and overall compliance with ISQM1. As part of the monitoring visit process, all the Institutes will assess and evaluate the standard of the firms ISQM1 together with the effectiveness of its ACR / CFR process. 

In this session, Elaine Jackson discussES the following topics:

  • The objective of ISQM1
  • The Risk Assessment Process
  • The Quality Objectives
  • ISQC1 elements brought into ISQM1
  • Tips for ISQM1 Implementation

CPD Course Speaker

OmniPro

Elaine Jackson

As a member of our Practice Support team, Elaine’s focus is on providing firm’s with assistance and training in the following areas; Anti-Money Laundering, Audit Testing and Walk Through Procedures, Audit Planning and Efficiency, OmniPro Audit Working Paper Demos, Preparing for Monitoring Visits and Post Monitoring Visit follow-ups.

Elaine has over 15 years Accountancy Practice experience which has provided her with a wealth of knowledge across all industries and sectors. Elaine is an AITI Chartered Tax Advisor, a Certified Public Accountant and holds a Diploma in Corporate Finance.

In her previous roles, Elaine has experienced a number of ACA and ACCA monitoring reviews. This experience has provided Elaine with a great understanding and appreciation for the challenges facing Accountants in practice today.

OmniPro

Colm Owens

As a member of our Practice Support team, Colm’s focus is on helping practices achieve on-going best practice compliance, prepare for monitoring visits and assist with post-monitoring visits follow-ups.

Having spent the 6 years prior to joining OmniPro as a quality reviewer with Chartered Accountants Ireland Colm has a unique insight into how firms operate, the challenges facing firms and how firms are responding to current issues facing them and the profession.