The bar for quality audit and assurance engagements will reach new heights come December 15, 2022, which is when three landmark auditing standards issued by the International Auditing and Assurance Standard in December last year will take effect: the International Standard on Quality Management 1 (ISQM 1), ISQM 2, and International Standard on Auditing 220 (PSA 220, revised).
The new standards represent a paradigm shift to a more responsive, flexible and efficient quality management system in the performance of engagements by certified public accounting firms and individuals (collectively called CPA practitioners). A number of practitioners remain anxious and uncertain, however, and for good reason.
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