The International Standards of Quality Management (ISQMs) are designed to fix inefficiencies in the current standards. More focus is placed on proactive responses to quality management issues. The impact of ISQMs mean that professional accountancy firms will need to change the way they handle quality management.
ISQM requires the firm to design, implement and operate a system of risk-based quality management processes.
The ISQM applies to all firms performing audits, reviews of financial statements or other assurance or related services engagements.
If your firm practices any of the above services, then you need to meet the Quality Management Standards of ISQM by the 15th December 2022.
The Quality Management Manual (UK) contains a list of over 100 potential quality management risks that a firm could face. It identifies the causes and potential responses a firm could implement to address the risks.
It should be noted that a firm’s risk assessment must be individual to the firm. This manual should only be used as a starting point to ensure that all the relevant risks and their responses are adequately documented.
In addition to a database of potential risks, the Quality Management Manual (UK) includes an example Quality Management Policy, Staff Appraisal Forms & Processes, Quality Control checklists and so much more. All to make sure you have the tools to design and implement an effective Quality Management system.
The Quality Management Manual (UK) has been designed by experienced team of technical audit and compliance reviewers. It has been broken into easy to use sections and categories so you can find the information you need quickly.
The Mercia Quality Management Manual (UK) has been designed to benefit firms of any size. From Sole Practitioners to firms with over 20 RIs.
The manual categorises risks that could apply to smaller and larger firms.
|Annual subscription fee|
|Sole Practitioner / Non-Audit Firm*||£220.00|
|Audit registered firms with 2-4 RIs*||£350.00|
|Audit registered firms with 5-9 RIs*||£450.00|
|Audit registered firms with 10-19 RIs*||£650.00|
|Audit registered firms with 20+ RIs*||POA|
For 20 or more RIs please contact us at email@example.com or on 033 0058 7141.
* Mercia Members and/or existing audit manual subscribers receive a 10% discount.
All prices are subject to VAT.
Mercia online manuals are updated regularly by our technical staff and you will be notified of any significant regulatory changes by email.
Your subscription will automatically auto-renew on anniversary date, you will be notified by email before your subscription expires and offered the option to opt out of auto-renewal.
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