International Quality Management Standard 1 (ISQM (UK) 1) must be applied by all firms carrying out audits. The standard requires firms to have a system of quality management (SoQM) in place from 15 December 2022. Annual reviews are required by 15 December each year where firms are required to monitor their SoQM. Additional standards (ISQM 2 (UK) and ISA (UK) 220 revised) are also effective from periods commencing 15 December 2022.

Although the introduction of these new rules and regulations can seem daunting, at Insight Training, we have a range of resources that can help.

ISQM Resources

  • The ISQM toolkit that we recommend has been developed by Apex. It has been designed to be as friendly and easy-to-use as possible, whilst helping you to comply with ISQM (UK) 1’s requirements.
  • Our file review team is working with individual firms to help them with ISQM compliance. For some firms this involves working with the leadership team to develop a SoQM; for others it means critiquing a SoQM that has already been developed. Email us for more information.
  • If your firm is still struggling to get to grips with its ISQM 1 risk assessment our ’40 key questions’ might be just what you need. Click here to download it at no cost.
  • We have a range of training, consultancy and workshop options available. ISQM will be covered on our regular audit courses.  Email us for more information.