Recording and presentation: ISQM 1 – Quality Management for Firms that Perform Audit or other Assurance Engagements

The webinar covered the following:

• ISQM1 requirements;
• how to complete the risk assessment template; and
• other available materials.

We had previously confirmed that we have agreed arrangements to provide access forall members to the resources detailed below which have been available since July.

The resources which are included in Nexia Enhance include:

General requirements

ISQM 1 – Risk Assessment  including the following appendices: Risk Assessment Tool; Example Quality Management policy; Assessing your Service Provider; Annual declaration form for individuals (incorporating independence, Fit & Proper, confidentiality and internal procedures); Fit & Proper form for the firm; Staff appraisal form

ISQM 1 – Monitoring and Remediation  including the following appendices: Example Quality Management policy; Quality Control procedures programme; Internal Quality Control checklist; Cold file review summary; Cold file review checklist; Root cause analysis programme

ISQM 1 – Other  (Networks, documentation)

ISQM 2 – Engagement Quality Review  including the following appendices: Example EQR policy; EQ engagement forms

In addition, there is a library including quality objectives, risks and risk responses. These include the quality risks and responses that are relevant to firms of all sizes; those that are likely to be of greater relevance to larger firms with multiple office locations, large/complex clients (including listed/PIEs), etc.; and those that are likely to be of greater relevance to smaller firms with a few, simple audit engagements.

For further information about this webinar, please contact Paul Ginman at Paul.Ginman@nexia.com or Ram Chakravarthy at Ram.Chakravarthy@nexia.com.