Australian Government
Auditing and Assurance Standards Board
Tuesday, December 1, 2020
The IAASB has published video introductions to the new and revised quality management standards. The videos explain the key aspects of the new and revised quality management standards to help stakeholders begin their implementation efforts.
The IAASB recently approved the suite of new and revised quality management standards, which will be released following approval in December 2020 from the Public Interest Oversight Board. The new and revised quality management standards will become effective on 15 December 2022.
Over the past year, the AUASB has been tracking the progress of the updates to the quality management standards against the key matters raised in the AUASB’s submission to the IAASB’s exposure drafts and throughout the updated progress of the standards. The AUASB has continued to influence the IAASB standard setting process on this suite of standards through the AUASB’s International Influencing Strategy.
The AUASB will be discussing the adoption in Australia of the suite of new and revised quality management standards at the December 2020 and March 2021 AUASB meetings.