Australian Government
Auditing and Assurance Standards Board
Thursday, May 12, 2022
The AUASB has published a new Bulletin which highlights how the new and revised Quality Management Standards will support enhanced audit quality.
This AUASB Bulletin Quality Management Standards - Enhancing Audit Quality highlights how the new and revised Quality Management Standards (QMS) will support enhanced audit quality. The AUASB Bulletin also demonstrates how firms who effectively design and implement the requirements of the QMS should benefit from improvements in audit quality.
Each Firm’s updated System of Quality Management based on the new and revised QMS are required to be designed and implemented by 15 December 2022. In addition to this new Bulletin the AUASB has produced various Implementation support materials to assist Firms and Practitioners implement the new QMS which are available on the AUASB Website here.