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New Audit Quality Management Standards Finalised

The FRC have issued two new standards, ISQM 1 and ISQM 2 which replace ISQC 1 from 15 December 2022.  Further details and the standards themselves are available here.

We expect these new standards to have a significant impact on firm’s internal procedures. HAT have already started assessing the likely impact based on the draft standards and will continue working on this over the remainder of this year. We will also start covering the impact in our Quarterly Updates so firms are prepared in good time for the changes at the end of next year.

For further information please contact any member of the team. 


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