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With the support of the EU and the World Bank Financial Inclusion and Accountability project, in the waning days of 2020, the International Auditing and Assurance Standards Board (IAASB) hit one more major milestone for the global audit profession in releasing its new quality management standards. The standards raise the bar for quality management across the profession. The three interrelated standards strengthen and modernize how firms approach quality management:
• International Standard on Quality Management (ISQM) 1, Quality Management for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements - (ISQM 1/former ISQC 1) - will enter into force on December 15, 2022;
• International Standard on Quality Management (ISQM) 2, Engagement Quality Reviews (ISQM 2) - is effective for audits and reviews of financial statements for periods beginning on or after December 15, 2022;
• International Standard on Auditing 220 (revised), quality management for an audit of financial statements will enter into effect for audits of financial statements for periods beginning on or after December 15, 2022. Also, for the engagements of other types of assurance and related services that begin on or after December 15, 2022.
Through these standards, the IAASB is addressing an evolving and increasingly complex environment, including growing stakeholder expectations and a need for quality management systems that are proactive and adaptable.
In addition, we would like to inform you that these standards are being translated by the SARAS. The Georgian version for auditors and audit firms will be available in compliance with the established regulations.
These standards are discussed in the publication translated in Georgian -“Getting Started on the New IAASB Quality Management Standards: An Overview” -which was published on the SARAS web page.