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.
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