New Five-Minute Guides to the new and revised AUASB Quality Management Standards

Thursday, September 30, 2021

The new and revised AUASB Quality Management Standards, both at the firm and engagement levels, is expected to impact all practitioners. The three interrelated standards have been introduced to strengthen and modernise how firms approach quality management. The new suite of standards centres on quality management to enable a proactive, risk-based approach and higher quality engagements.  To aid Australian practitioners and stakeholders in understanding the implications of the changes, the AUASB is launching a series of awareness pieces in for the form of ‘Your Five-Minute Guide To’ videos. 

The series will be launched by an introductory video by Mr Bill Edge, AUASB Chair; Ms Claire Grayston Policy Adviser – Audit and Assurance CPA; and Mr Amir Ghandar, Assurance and Reporting Leader CAANZ.  The video will include ‘Your Five-Minute Guide To’: 

• ASQM 1 Quality Management for Firms that Perform Audits or Reviews of Financial Reports and Other Financial Information, or Other Assurance or Related Services Engagements
• The Risk Assessment Process
• ASQM 2 Engagement Quality Reviews
• ASA 220 Quality Management for an Audit of a Financial Report and Other Historical Financial Information

The introductory video can be found here.