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ISQM 1 & 2 Compliance

In accordance with International Standard on Quality Management (ISQM) 1 & 2, it is the objective of the firm to establish and maintain a system of Quality Management to provide it with reasonable assurance that:

  • The firm and its personnel comply with professional standards and applicable legal and regulatory requirements; and

  • Reports issued by the firm or engagement partners are appropriate in the circumstances.

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Through our experience, knowledge and practical application of ISQM 1 & 2 over the years, we can offer to Auditing and Accounting Practices the following services in order to ensure that they comply with the requirements of ISQM 1 & 2.



ANNUAL COMPLIANCE REVIEW OF ISQM 1 & 2
The scope of annual compliance monitoring of ISQM 1 & 2 includes the following:

Review of existing policies and procedures and ISQM 1 & 2 Manual in relation to the following areas:

  • Leadership Responsibilities for Quality within the Practice.

  • Relevant Ethical Requirements.

  • Acceptance and Continuance of Client Relationships and Specific Engagements.

  • Human Resources.

  • Engagement Performance.

  • Monitoring.

  • Documentation.



Review of a sample of audit files.

Through our review we will provide you with a report with our evaluation of the following areas:

  • Level of compliance with professional standards and legal/regulatory requirements.

  • Evaluation as to the effectiveness of the design of the Practice’s System of Quality Control.

  • The effectiveness of the Practice’s Quality Control policies and procedures.

  • Deficiencies identified and their classification (significant, repetitive or systemic).

  • Recommendations for improvement.



Training for the partners, directors and staff in relation to:

  • The practical application of the policies.

  • The procedures included in the Practice’s ISQM 1 & 2 Manual.



ASSISTANCE WITH THE IMPLEMENTATION OF ISQM 1 & 2

We can assist our clients with the implementation of ISQM 1 & 2 and ensure full compliance through the following services:

  • Preparation of ISQM 1 & 2 Manual (policies, procedures, templates) based on the size and other operating characteristics of the Practice.

  • Training for partners, directors and staff.

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