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IAASB Quality Management Webinar Series: Webinar One

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View the slides for the introduction to the International Auditing and Assurance Standards Board's recently proposed quality management standards. In this first in a multi-part webcast series, IAASB member Karin French provides a deep dive into a firm's risk assessment process. Video available at www.iaasb.org/quality-management

The quality management standards are currently open for public consultation until July 1, 2019.

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IAASB Quality Management Webinar Series: Webinar One

  1. 1. Quality Management Webcast Series: Webcast 1 Presented by Karin French, IAASB Member and Chair of the ISQM 1 Task Force
  2. 2. Project History • Findings from ISA Implementation project • Outreach with regulators and audit oversight bodies • Respondent comments on public consultation for IAASB’s 2015-2016 Work Plan (confirmed by consultation on 2017-2018 Work Plan) 2013-2014 Feedback and concerns 2015-2016 Public consultation on issues • Invitation to Comment (ITC) issued December 2015 (addressing professional skepticism, quality control and group audits) December 2016 Project proposal approved • Project proposal to amend ISQC 1 and ISA 220 addressing quality control (and ISA 600 (group audits)) Page 2
  3. 3. • Firm governance and leadership’s responsibilities and accountability for quality • Firms’ monitoring process, for example: – Monitoring the entire system (not only engagement inspections) – Addressing results of external inspections – Understanding causal factors of findings, implementing remedial actions to respond to findings, and monitoring the effectiveness of remedial actions • The engagement partner’s responsibilities, including clarity regarding appropriate direction, supervision and review • Undue reliance on networks • Increasing demand for communication with external stakeholders, including through transparency reports • The application of the standards by small and medium practices (SMPs), i.e., scalability Section Title 14pt Arial Regular Issues Identified that Needed to be Addressed Page 3
  4. 4. • Engagement quality control reviews, including: – Engagements subject to review (including entities that have public interest) – Eligibility of the engagement quality control reviewer – Areas addressed in performing the review and the review timing • Other issues: – Need for robust two-way communication within the firm – Matters related to human resources, for example, assessment of personnel and personnel rewards and incentives – Increasing use of alternative delivery models Section Title 14pt Arial Regular Issues Identified that Needed to be Addressed Page 4
  5. 5. The IAASB’s Quality Management Proposals February 2019: Three exposure drafts released for public comment • Proposed ISQM 1 (Previously ISQC 1), Quality Management for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements • Proposed ISQM 2, Engagement Quality Reviews • Proposed ISA 220 (Revised), Quality Management for an Audit of Financial Statements • Also released: a covering explanatory memorandum – addresses: – The relationships between the standards – Overall matters – Possible effective dates, including a question to seek views about the time needed to implement the standards February 2019 – June 2019 • Global outreach and consultation 1 July 2019 • Comment letters due – see http://www.iaasb.org/quality-management for links to the above documents and to post comments Page 5
  6. 6. Illustrative Timeline July 1, 2019 March 2020 June 2020 December 2021 Comment period for EDs closes IAASB approval of standards PIOB approval of due process Anticipated effective date 18 months This timeline is for illustrative purposes only—approval dates and the implementation period are dependent on a number of factors, including stakeholders’ comments on the exposure drafts and on the implementation period proposed therein Page 6
  7. 7. Proposed International Standard on Quality Management (ISQM) 1: Quality Management for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements ISQM 1 (Previously ISQC 1) Page 7
  8. 8. The Most Significant Change The new risk-based approach Proactive Scalable to the nature and circumstances of the firm and the engagements it performs A more robust system of quality management tailored for the firm Page 8
  9. 9. The Components of the Firm’s System of Quality Management A system of quality management is a continual and iterative process and is responsive to changes in the nature and circumstances of the firm and its engagements. It also does not operate in a linear manner. (Para 8 of ED-ISQM 1) Page 9
  10. 10. Education Experience Examination Ethics Enforcement National Accountancy Body The Firm’s Risk Assessment Process Page 10
  11. 11. Education Experience Examination Ethics Enforcement National Accountancy Body The Firm’s Risk Assessment Process: Establish Quality Objectives Establish quality objectives • Quality objectives required by ED-ISQM 1 – Quality objectives are comprehensive and, if properly addressed by a firm, will result in the system providing reasonable assurance that its objectives have been achieved • Firm required to establish additional quality objectives beyond those required by ED- ISQM 1 when those objectives are necessary to achieve the objective of the standard Page 11
  12. 12. Ethics Enforcement National Accountancy Body The Firm’s Risk Assessment Process: Identify and Assess Quality Risks • No quality risks prescribed by ED-ISQM 1, i.e., firm has to identify and assess its own quality risks • The firm understands the conditions, events, circumstances, actions or inactions that may adversely affect the achievement of its quality objectives, taking into account the nature and circumstances of the firm and its engagements, to provide the basis for the identification and assessment of quality risks. Identify and assess quality risks Page 12
  13. 13. Education Experience Ethics Enforcement National Accountancy Body The Firm’s Risk Assessment Process: Identify and Assess Quality Risks (cont.) Page 13
  14. 14. Education Experience Ethics Enforcement National Accountancy Body The Firm’s Risk Assessment Process: Identify and Assess Quality Risks (cont.) Illustration of the assessment of quality risks Page 1414
  15. 15. Experience Ethics National Accountancy Body The Firm’s Risk Assessment Process: Design and Implement Responses Design and implement responses • Responses required by ED-ISQM 1 • Additional responses designed and implemented by the firm (always required as responses in ED-ISQM 1 are not sufficient to address all quality risks) Page 15
  16. 16. QUESTIONS Page 16
  17. 17. Upcoming Webcasts ED-ISQM 1: Deep dive into governance and leadership, information and communication, monitoring and remediation and networks and service providers April 25, 2019 7am – 9am ET Overview of ED-ISQM 2 addressing engagement quality reviews Overview of ED-ISA 220 (Revised) addressing quality management for audit engagements Page 17 May 7, 2019 7am – 9am ET
  18. 18. How to Comment Other useful resources: • Draft Examples: How the Nature and Circumstances of the Firm and the Engagements It Performs Affect the Implementation of Proposed ISQM 1 • Draft Frequently Asked Questions Regarding Proposed ISQM 1 New resources will be available throughout the consultation period – keep checking back www.iaasb.org/quality-management Comments due by July 1, 2019 Page 18
  19. 19. www.iaasb.org For copyright, trademark, and permissions information, please go to permissions or contact permissions@ifac.org.

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