Andrew Collier, director of quality and professional standards at Kreston International, examines how the revisions to the International Standards on Quality Management ISQM 1 will affect accountancy firms and provides tips on effective implementation
The International Standards on Quality Management ISQM 1 are designed to enable firms to deliver quality objectives that are defined in the standard. Firstly ISQM 1 sets out that the firm and its personnel fulfil their responsibilities in accordance with professional standards and applicable legal and regulatory requirements, and conduct engagements in accordance with such standards and requirements; and secondly, engagement reports issued by the firm or engagement partners are appropriate in the circumstances.
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