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IAASA has issued a Consultation Paper on its proposal to issue revised ISQMs

IAASA has published a Consultation Paper on its proposals to issue  revised versions of

  • International Standard on Quality Management (‘ISQM’) (Ireland) 1, Quality Management for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements;
  • International Standard on Quality Management (Ireland) 2, Engagement Quality Reviews; and
  • International Standard on Auditing (‘ISA’) (Ireland) 220 (Revised), Quality Management for an Audit of Financial Statements.

The purpose of this consultation paper is to obtain the views of stakeholders with regard to IAASA’s proposals to issue revised standards and conforming amendments.

The Consultation paper is available here.

The proposed revised standards ISQM 1 & ISQM 2 are available here.

The proposed revised ISA (Ireland) 220 is available here.

The proposed conforming amendments are available here.

The proposed effective date of the revised standards in Ireland is for the audits of financial statements with accounting periods beginning on or after 15 December 2022.

IAASA has prepared a short information video which is available here.

Stakeholders and interested parties are invited to provide responses  to [email protected] no later than 5pm on Friday 26 November 2021.