IRBA Newsletter Issue 54

Issue 54 | April-June 2021 5 STANDARDS cont. INTERNATIONAL AUDIT AND ASSURANCE STANDARDS BOARD (IAASB) IAASB Quality Management (QM) Webinar Series This is an opportunity for all firms and their personnel, and those associated as service providers to firms, to invest in preparations for the implementation of a significant change in how firms plan and manage quality. In March 2021, the IRBA approved the IAASB suite of QM standards for adoption, issue and prescription for use by registered auditors (auditors) in South Africa. The three QM standards are: • ISQM 1, Quality Management for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements ; • ISQM 2, Engagement Quality Reviews ; and • ISA 220 (Revised), Quality Management for an Audit of Financial Statements . The IAASB, in collaboration with the International Federation of Accountants, has scheduled a series of QM webinars via Zoom, with the first one held in June. These online seminars, which will also be live-streamed on the IAASB’s YouTube channel, will delve deeper into aspects of ISQM 1. This webinar series is part of the IAASB’s implementation support efforts and will be available on its YouTube channel following the live sessions. Participants joining live via Zoom will be able to submit questions. Date and Time Topic Link Thursday, 24 June 2021 (Featuring IAASB members Julie Cordon and Chun Wee Chiew, and its Deputy Director Natalie Klonaridis) • All You Need to Know about the Firm’s Risk Assessment Process Click here for the recording Thursday, 29 July 2021 1pm-2pm SAST (Featuring IAASB members Josephine Jackson and Sue Almond, and Deputy Director Natalie Klonaridis) • Resources: Expectations for Firms and Engagement Partners • The discussion will include the linkage between ISQM 1 and ISA 220 (Revised). Click to register Thursday, 5 August 2021 1pm-2pm SAST (Featuring the IAASB’s member Chun Wee Chiew, technical advisor Denise Weber and Deputy Director Natalie Klonaridis) • What’s New for Firms’ Monitoring and Remediation Processes Click to register Wednesday, 18 August 2021 1pm-2pm SAST (Featuring IAASB members Julie Cordon and Sachiko Kai, and Deputy Director Natalie Klonaridis) • Bringing It All Together: Exploring All the Components of a Quality Management System Click to register New IAASB Quality Management Implementation Guides The IAASB released two guides to help stakeholders implement its suite of quality management standards. The guides, which will help stakeholders understand the standards and properly implement the requirements in the manner intended, are: • First-time Implementation Guide for ISQM 1, Quality Management for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements ; and • First-time Implementation Guide for ISQM 2, Engagement Quality Reviews . The IAASB will also issue an implementation guide for ISA 220 (Revised) later this year. The suite of quality management standards come into effect on 15 December 2022. These publications do not amend or override the ISQMs, the texts of which alone are authoritative; and reading them is not a substitute for reading the ISQMs. IAASB Projects in Progress • Audit evidence; • Technology; • Group audits (ISA 600); • Extended external reporting (EER) assurance; • Audits of less complex entities (LCE); • Complexity Understandability Scalability Proportionality (CUSP); • Fraud; • Going Concern; • Professional Scepticism; and • Listed Entity and Public Interest Entity. More information on these projects is available on the IAASB website .