Description
The new suite of Quality Management Standards ISQM 1, ISQM 2 and ISA 220 (revised) required all firms to design and implement a System of Quality Management (SOQM) by 15 December 2022 and to have the system evaluated annually.
The PCP ISQM Manual is designed to make it as easy as possible for small and medium sized firms of accountants to implement the numerous requirements of these new standards. The manual provides you with a bank of over 250 questions and potential risks to enable you to complete the complex and time consuming risk assessment process and to tailor it for the circumstances of your firm. This is done by way of an excel spreadsheet. The rest of the manual is in a word format.
A set of proforma policies and procedures are also provided to use as a starting point for your responses to quality risks and to incorporate into your SOQM. These policies and procedures can be tailored to fit the quality risks arising from your practice. The tailoring of these is an important requirement of ISQM 1.
The manual also contains over 50 specimen forms which may be used as part of the SOQM and as part of the important remediation and monitoring process. These forms and templates also cover the root cause analysis process which is of key importance.
Contents
The Manual contains:
- Detailed guidance notes.
- An Excel spreadsheet for completing the risk assessment.
- Example policies and procedures: comprising 14 sections covering everything you require to adopt a System of Quality Management including all the pillars of ISQM 1 from ethical requirements to evaluating your System of Quality Management. It also covers ISQM 2.
- Sample forms and templates: over 50 appendices containing useful forms and templates to complement the SOQM including service provider statements, root cause analysis assessment forms and a checklist to help conduct the annual evaluation of the SOQM.
This Manual is designed to assist you with all your ISQM requirements.
