Amid growing stakeholder expectations and a need for quality management systems that are proactive and adaptable, three interrelated standards have been introduced to strengthen and modernize how firms approach quality management. These standards present a substantial development and change for practitioners and stakeholders, since they include significant shifts in how firms manage quality. The new suite of standards centres on quality management to enable a proactive, risk-based approach and higher quality engagements
The quality management standards including International Standard on Quality Management (ISQM 1 &2) and International Standard on Auditing 220 (ISA 220) are applicable to all firms that perform audits or reviews of financial statements, or other assurance or related services engagements.
The quality of services rendered by professionals is important because the public trust, rely on the work of professionals to make effective, informed business and economic decisions. SAIPA is committed in ensuring that its members (including Professional Accountants (SA), associates and affiliates) and all stakeholders in the supply chain comply with all relevant professional standards, regulations and legislation that focus on the shift towards the quality-of-service delivery and accountability to serve the public interest.
SAIPAs Quality Assurance and Practice Review Framework was approved in February 2022 to quality review all Professional Accountants (SA) who perform assurance and non-assurance, compilation and/or tax services, while providing an educational experience to members and practices.
Quality Management Manuals
Practices are required to design and implement systems of quality management in compliance with ISQM 1 by December 15, 2022.
While compliance is still a fundamental requirement, the SAIPAs Quality Review focuses on supporting and guiding members towards building a sustainable business aligned to best practice. SAIPA is offering webinars, workshops, guidance prepare quality assurance manuals.
We’ve commenced with the offering of webinars to help members understand these changes, incorporate them into their practices, and communicate them effectively to other members of your firm, including your engagement teams.
Upcoming SAIPA Webinar Workshops
- August 2022 Workshop One: All You Need to Know about the Firm’s Risk Assessment Process and governance and leadership
- September 2022 Workshop Two: Relevant ethical requirements and Acceptance and continuance of client relationships and specific engagements
- October 2022 Workshop Three: All you need to know about Engagement performances and Resources
- November 2022 Workshop Four: Information, communication, the monitoring, and remediation process
How to book for the upcoming sessions
Login into your MySAIPA member profile using your member number & password.
- Click on Events
- Select the relevant webinar and view the details.
Click on Book. View in My Events once booked.
Resources from IFAC
CPD Hours – (Unstructured/ Unverifiable)
- Videos: Introducing the Quality Management Standards
- IAASB Quality Management Webinar Series
- ISQM 1 First-Time Implementation Guide
- ISQM 2 First-Time Implementation Guide
Click here for https://www.ifac.org/knowledge-gateway for more resources.
CPD Hours – (Unstructured)
1. Getting Ready for The Implementation of ISQM 1. July 2022. In this article Sechaba Motaung, SAIPA’s Quality Assurance and Practice Review Manager demystifies ISQM 1. What is ISQM 1? Who should apply ISQM 1? ISQM 1 Requirements.
2. Why quality management is more than just compliance. May 24, 2022, | ICAEW
3 ISQM 1: the benefits for smaller firms May 20, 2022 | ICAEW
Resources from PAFA
CPD Hours – (Unstructured/ Unverifiable)
SAICA, in collaboration with PAFA are providing a platform for workshops on the implementation of the quality management standards to assist members with their implementation efforts.
Members are encouraged to attend these sessions as an introduction to SAIPA workshops. Watch this space!
- Workshop 1: The Risk Assessment Process (7 April 2022; 14:00 to 16:00 (GMT +2))
- Workshop 2: Governance and Leadership | Relevant Ethical Requirements (5 May 2022; 14:00 to 16:00 (GMT +2))
- Workshop 3: Acceptance and Continuance | Engagement Performance (13 June 2022; 14:30 to 16:30 (GMT +2))
- Workshop 4: Resources (7 July 2022; 14:00 to 16:00 (GMT +2))
- Workshop 5: Information and Communication | Network Requirements, Network Services, Documentation (12 August 2022; 14:00 to 16:00 (GMT +2))
- Workshop 6: Monitoring and Remediation (9 September 2022; 14:00 to 16:00 (GMT +2))
- Workshop 7: ISQM 2 (7 October 2022; 14:00 to 16:00 (GMT +2))
- Workshop 8: ISA 220 (7 November 2022; 14:00 to 16:00 (GMT +2))
- Workshop 9: Recap (7 December 2022; 14:00 to 16:00 (GMT +2))
- Workshop 10: Evaluating the QM System (7 February 2023; 14:00 to 16:00 (GMT +2))