In this Insights In Focus special episode, we discuss the rollout of the International Standard on Quality Management (ISQM) and what firms need to do before ISQM 1 is implemented on 15 December 2022.

The aim of ISQM is to raise audit quality and encourage practitioners to think about the risks that may affect their work. But the imminent arrival of ISQM 1 has the potential to be tricky and time-consuming for practices – perhaps even prohibitively so at a time of economic uncertainty and volatility.

Host Iain Wright, ICAEW Managing Director, Reputation and Influence, discusses how firms and practitioners can navigate these issues with Louise Sharp, ICAEW Senior Technical Manager in Audit and Assurance; Catherine Hardinge, Technical Partner at Price Bailey; and Peter Hollis, owner of Hollis & Co.

Links
ICAEW Quality management in audit firms hub
https://www.icaew.com/technical/audit-and-assurance/audit/quality-management-in-audit-firms

ICAEW Overview of standards
https://www.icaew.com/technical/audit-and-assurance/audit/quality-management-in-audit-firms/overview-of-standards 

ICAEW Getting started with ISQM 1
https://www.icaew.com/technical/audit-and-assurance/audit/quality-management-in-audit-firms/getting-started-with-isqm-1

ICAEW ISQM 1: recommended resources and tips
https://www.icaew.com/insights/viewpoints-on-the-news/2022/Sept-2022/ISQM-recommended-resources-and-tips-Dec-15-deadline

ICAEW ISQM 1 implementation: a sole practitioner approach
https://www.icaew.com/insights/viewpoints-on-the-news/2022/oct-2022/ISQM-1-implementation-a-sole-practitioner-approach 

Host
Iain Wright

Guests
Catherine Hardinge, Partner, Technical, Price Bailey
Peter Hollis, owner and Principal, Hollis & Co
Louise Sharp, Senior Technical Manager, Audit and Assurance, ICAEW

Producer
Ed Adams

Episode first published: 16 November 2022
Podcast recorded: 11 November 2022