ICAI Issues New Standards on Quality Management | SQM 1 and SQM 2 for Audits and Assurance Engagements
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- Last Updated on 16 October, 2024
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The Auditing and Assurance Standards Board (AASB) of ICAI has issued SQM 1 and SQM 2 for conducting audits, reviews of financial statements, and other assurance or related service engagements.
- Standard Quality Management (SQM) 1: This standard defines the responsibilities of firms in establishing, implementing, and operating a quality management system for audits, reviews of financial statements, and other assurance services. It is part of the overall quality management framework and emphasizes the need for policies and procedures for engagements requiring quality reviews. Applicable to all firms in these areas, this SQM ensures that the quality management system meets requirements and promotes consistent engagement execution.
- Standard Quality Management (SQM) 2: This Standard on Quality Management (SQM) outlines the appointment and eligibility criteria for the engagement quality reviewer, along with their responsibilities for performing and documenting engagement quality reviews. It applies to all engagements that require a quality review as specified in SQM 1.
These standards become mandatory from April 1, 2026.
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