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One of the biggest changes to audit in a generation

ISQM (UK) 1 represents a significant change for audit firms.

ISQM (UK) 1 replaces the existing ISQC (UK) 1. The new standard requires a more proactive approach to identifying and managing 'quality risks' which can result in a firm issuing an incorrect audit report. To achieve this, firms must establish and monitor a System of Quality Management (SOQM) which is more comprehensive than existing audit procedures documentation.

We have tools and support for ALL audit firms!

The BIGGEST challenge for audit firms

With a requirement for all audit firms to implement ISQM (UK) 1 policies and procedures by 15 December this year, it is important to act now.

The biggest challenge for firms is creating and documenting a robust risk assessment to identify and resolve the firm's quality risks.

Our ISQM pack saves you time and gives you reassurance

For member firms, the pack is already included in all our audit packages – log in now to download yours.


  • ISQM 1 compliance pack – risk assessment and annual review documentation, guiding you through the key steps to successful compliance;
  • Audit Regulatory and ISQM Procedures pack - our established procedures pack has been comprehensively updated for ISQM (UK) 1 and forms the foundation of your firm's audit policies and procedures.
  • Support for member firms via our Technical Helpline

Further support for all audit firms in adopting ISQM (UK) 1:

  • ISQM (UK) 1 – What Does it Mean for Me? – live or on-demand training course, for anyone in your team, explaining the practical implications of the new standard and the key steps to compliance;
  • Completed risk assessment for an example audit firm, providing suggestions on common risks and how these can be successfully managed;

Frequently Asked Questions

ISQM (UK) 1 replaces ISQC (UK) 1. Both standards aim to ensure that your firm has appropriate policies and procedures to support R.I.s and others to produce effective and compliant audit files.

Firms must update their policies and procedures to comply with the new standard by 15 December 2022. This is a ‘dead date’ and applies to all firms regardless of the number of audit clients or their year-ends.

ISQC (UK) 1 is a reactive standard, requiring firms to act when a significant problem is identified. ISQM (UK) 1 is proactive, requiring you to perform a risk assess to identify and prevent problems from occurring. This process results in the firm establishing a System of Quality Management (SOQM).

A System of Quality Management (SOQM) is a set of policies and procedures which provide your firm with reasonable assurance that:
  • The firm and its personnel fulfil their responsibilities in accordance with professional standards and applicable legal and regulatory requirements and conduct engagements in accordance with such standards and requirements; and
  • Engagement reports issued by the firm are appropriate in the circumstances.

It is vital to understand the requirements of the standard and determine how you will achieve these in good time before 15 December 2022. Once you understand the key requirements of the standard you must then identify the Quality Risks which may adversely impact the objectives of your SOQM and then determine the actions required to mitigate these risks.