This event is a recorded ACCA webinar available for on demand purchase. This is not a live event. CPD points are available and resources are available on the ON24 platform. You will have access to the recording and resources through the ON24 link once registered.
Overview
ISQM (Ireland) 1 paragraph 53 requires the ‘individual with ultimate responsibility’ (IUR) to evaluate the Statement of Quality Management (derived from the ISQM 1) at least annually as of a point in time.
This supplements the requirements for ongoing monitoring and remediation which should ideally include both regular (e.g. monthly or quarterly) activity and event-driven activity such as going through the findings of an external file review or dealing with a quality failure on a specific audit.
Key Features
The IUR should be able to arrive at what amounts to either an unqualified, ‘except for’ or adverse conclusion on whether the SOQM provides reasonable assurance that the quality objectives are being met.
Under the Irish Quality Management standards, this review must explicitly include evaluating the policies and procedures for statutory audits including coaching, supervision and review of the team and organising the audit file (paragraph 34-1(f)(i) and (ii)).
Unless the conclusion is unqualified, the IUR needs to act promptly to rectify the deficiencies (with the help of the wider audit team).
ISQM (Ireland) 1 also requires audit firms (in paragraph 56) to undertake periodic performance evaluations of the IUR and anyone assigned operational responsibility (the IOR – the Individual with Operational Responsibility) for the SOQM.
Speaker:
John McCarthy FCA of John McCarthy Consulting Ltd.
John McCarthy is a regular speaker for the ACCA on accountancy practice matters, compliance and audit/accounting technical regulation. He frequently assists firms preparing for regulatory inspections.
He has expertise in delivery of Anti-Money Laundering (AML) training to accountants, tax experts, law firms, insurance brokers, estate agents and TCSPs.
He has given joint (AML) presentations with the Garda Economic Bureau and the Revenue Commissioners and has also organised and presented specialist courses on the Solicitors’ Accounts Regulations, insurance broker/charity accounting and audit.
He is a member of Chartered Accountants Ireland (CAI), the Institute of Chartered Accountants in England and Wales (ICAEW) and the Irish Taxation Institute (ITI).
Further information at: www.jmcc.ie