Synopsis:
This module presents the highlights of the ISCA Web-Bitez Learning Series on "Implementation of Quality Management Standards and Updates on Identifying and Assessing Risks of Material Misstatement".
Part 1: Quality Management
ISCA issued three interrelated standards that address quality management in October 2021, namely:
The new standards are effective from 15 December 2022.
The requirements of SSQM 1 are extensive and represent a significant change from SSQC 1. SSQM 1 requires the firm to apply a risk-based approach in designing, implementing and operating the components of the system of quality management such that the firm proactively manages the quality of engagements performed by the firm.
In this webinar, our speaker will provide insights on the implementation process, including helpful tips to address practical challenges.
Part 2: Identifying and Assessing Risks of Material Misstatement
SSA 315 (Revised 2021) Identifying and Assessing Risks of Material Misstatement, which is effective for periods beginning on or after 15 December 2021, requires a more robust risk identification and assessment, thereby promoting better responses to identified risks.
The webinar will cover the significant changes to this standard.
Intended For:
Competency Mapping:
Member, ISCA Auditing and Assurance Standards Committee Partner, Head of Audit and Assurance, Mazars