1 March 2022

This article by Helen MacNeill FCA looks at the new quality management standards effective from the end of this year, what they mean for audit firms and how Croner-i can help.

Overview

In the context of the continued push to improve audit quality in the UK, in July 2021 the Financial Reporting Council (FRC) issued the UK versions of a suite of new quality management standards for audit and assurance work, being:

ISQM (UK) 1 Quality management for firms that perform audits or reviews of financial statements, or other assurance or related services engagements (July 2021);

ISQM (UK) 2 Engagement quality reviews (July 2021); and

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