Difference between ISQC 1 & ISQM 1

Difference between ISQC 1 & ISQM 1

The International Auditing and Assurance Standards Board (IAASB) issued three Quality Management standards in December 2020.

The three new interrelated standards, which replace International Standard on Quality Control (ISQC) 1 and International Standard on Auditing (ISA) 220, are effective 15 December 20221.

They are:

International Standard on Quality Management (ISQM) 1, which deals with a firm’s responsibilities to design, implement and operate a system of quality management for audits or reviews of financial statements, or other assurance or related services engagements.

ISQM 2, which deals with the appointment and eligibility of the engagement quality reviewer, and the engagement quality reviewer’s responsibilities relating to the performance and documentation of an engagement quality review.

ISA 220 (Revised), which deals with the specific responsibilities of the auditor regarding quality management at the engagement level for an audit of financial statements, and the related responsibilities of the engagement partner.

Today we cover the difference between the old and new standards :

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