Suite of Revised and New Quality Managements Standards

The International Auditing and Assurance Standards Board (IAASB) Suite of Revised and New Quality Managements Standards have been adopted and issued by the IRBA.

Title	Date Issued	Effective Date	Download Documents
International Standard on Quality Management - International Standard on Quality Management 1 (Previously International Standard on Quality Control 1) Quality Management for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements	March 2021	Systems of quality management in compliance with this ISQM are required to be designed and implemented by 15 December 2022 The evaluation of the system of quality management required by paragraphs 53-54 of this ISQM is required to be performed within one year following 15 December 2022	PDF
International Standard on Quality Management 2 - International Standard on Quality Management 2 Engagement Quality Reviews	March 2021	Audits and reviews of financial statements for periods beginning on or after 15 December 2022 Other assurance and related services engagements beginning on or after 15 December 2022	PDF
International Standard on Auditing 220 (Revised) - ISA 220 (Revised) Quality Management for an Audit of Financial Statements	March 2021	Audits of financial statements for periods beginning on or after 15 December 2022	PDF

Related communiques:

12 March 2021: IRBA Board Adopts the Suite of Quality Management Standards: ISQC 1 Replaced by ISQM 1, the New ISQM 2, Significant Revisions to ISA 220, Changes in Substance, Implications for Practice in South Africa, Effective Dates and Implementation
Guidance