This ISQM toolkit is designed by our colleagues at Apex. Their team of experienced audit file reviewers and trainers have created the toolkit to be as friendly and easy-to-use as possible, whilst helping you to comply with ISQM (UK) 1’s requirements. The documents (in Microsoft Word format) address each of the components of ISQM (UK) 1 and provide space for you to identify and assess the quality objectives that relate to you, the quality risks your firm faces and the responses you need to adopt.
Who is the toolkit aimed at? The toolkit is written primarily for independent audit firms with typically fewer than ten audit partners and 100 audits.
The Toolkit includes a Resources Pack with additional documents that may be helpful, including a Team Questionnaire and forms to assess your service providers. Part One focuses on Quality Objectives and Risks, Part Two covers Risk Assessment and Responses and Part Three Monitoring and Remediation. We are working on more resources, including case study examples, and will add these at no extra cost to subscribers.
The easy to use approach to help your firm prepare for ISQM (UK) 1. There are three stages:
Part one: Quality objectives and risks – view sample
Part two: Risk assessment and responses – view sample
Part three: Monitoring and remediation – view sample
Will the ISQM Toolkit produce the system of quality management for me?
No, it won’t. It’s a toolkit to help your firm answer the challenging questions that will help you identify objectives, risks and responses. As you record these items, you’ll achieve many of the documentation requirements of ISQM (UK) 1, but it can’t do the hard work of thinking about the firm’s circumstances – that’s down to you.
What format is the toolkit?
The toolkit documents are in Microsoft Word™ format, with plenty of space for you to enter text.
A ‘Getting Started’ guide is included as a PDF document.
How long will it take me to work through the toolkit?
This will vary quite significantly depending on your firm’s circumstances – but as a guide, it will take at least one day to consider all potential risks and formulate responses for a typical firm, and then will need extra time to implement and monitor the actions that arise.
Does the toolkit contain a preloaded bank of objectives, risks and responses?
Whilst the toolkit prompts for several likely risk areas, it doesn’t contain a ‘bank’ of these and certainly doesn’t set out a list of preloaded responses. In our view, such a list would go against the spirit of ISQM (UK) 1, which requires the firm to find tailor-made responses.Is the toolkit designed for UK firms only?
Yes, it’s UK-specific. The toolkit is written to comply with ISQM (UK) 1, which contains additional requirements to those in the international ISQM 1 as issued by the IAASB. In particular, there are several additional specified responses that are not present in the international text.
How much does the toolkit cost?
The complete toolkit, including the Resources Pack, costs just £250 + VAT per audit firm.
The toolkit consists of a compressed (zipped) folder containing the documents.
Going through the SOQM creation process can be demanding, and you may prefer the help of an experienced consultant to guide you along the way. To discuss consultancy services to help with your ISQM journey, please contact us.
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