Overview

The content in this Hub provides you with everything you will need to successfully implement the requirements of the standards in your firm.

Please note: This HUB includes the latest IRBA Code of Conduct. 

The accounting and auditing profession uses the term ’quality management’ to describe the measures taken by a practice to comply with professional and legal requirements, helping to deliver services of a consistently high standard of quality and service to their clients. The new ISQM 1 strengthens firms’ systems of quality management through a robust, proactive and effective approach to quality management.

Quality management is a cornerstone of the professional standards and related legislation. Without it, there would be an increased risk of non-compliance, and this would pose a serious risk to the professional accountant, the firm, their clients, the accounting profession, as well as the financial and economic markets.

The new risk-based approach to quality management requires that all professional accountants who perform services under international standards implement a quality management system responsive to their specific risks.

This brand-new Quality and Ethics Hub has been developed in response to the requirements of the new ISQM 1, ISQM 2, and ISA 220. This Hub includes guidance on the risk-based approach and pro-forma policies and procedures as well as resources to respond to most risks. These policies and procedures can be tailored to form the basis of your firm’s quality management system. In some cases, additional policies and procedures may need to be added. This Hub focuses on quality management, ethics, and independence requirements at the firm level. It may also be advisable to refer to other material to complement the documents in this manual and assist with engagement-level working papers, for example, your firm’s own working paper methodologies.

More specifically, the manual contains the following:

• Establishing a System of Quality Management
• The Firm’s risk assessment process
• Governance and leadership
• Ethical and Independence requirements
• Policies and procedures for the acceptance and continuance of client relationships
• Human, Technological and intellectual Resources policies and procedures
• Policies and procedures addressing engagement performance
• Monitoring and Remediation Process
• Resources for each section

Please note: All specimen documentation/annexures are provided in electronic format for tailoring and filing. We strongly recommend that you ensure that these annexures are tailored to your firm’s requirements, to train your staff on the relevant details and implement this manual within the firm.