Overview:
Is your firm ready for its annual ISQM (Ireland) 1 review? This webinar will help chartered accountants and finance professionals understand what is expected of the Individual with Ultimate Responsibility (IUR), including how to document the firm’s conclusion on its Statement of Quality Management (SOQM) and demonstrate effective ongoing monitoring, remediation and quality management.
Led by John McCarthy, FCA, AITI, the session will focus on practical ways to evidence compliance, evaluate audit policies and procedures, address audit quality deficiencies promptly, and demonstrate appropriate performance evaluations of those responsible for the SOQM. Join us for two hours of focused, practical guidance to help ensure your ISQM review is robust, properly documented and fit for purpose.
Key Features of the Course:
This CPD session will cover:
- How the IUR should best document 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.
- Explain how to show that the firm has evaluated the policies and procedures for statutory audits including coaching, supervision and review of the team and the organisation of the audit file (paragraph 34-1(f)(i) and (ii)).
- Show how IUR has acted promptly to rectify any audit quality deficiencies identified (with the help of the wider audit team).
- Show that the ISQM (Ireland) 1 has been complied with by undertaking 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, AITI, Dip. IFRS , Dip. Insolvency, Certificate in UK and Irish GAAP
John is a regular speaker on accounting and audit compliance, anti-money laundering (AML) reviews and training, audit cold and hot file reviews, and audit/accounting technical matters.
He has extensive experience in the provision of technical and strategic support to practicing accountants in Ireland.
John has spoken at seminars and conferences for Chartered Accountants Ireland (CAI), the Association of Chartered Certified Accountants (ACCA), the Chartered Institute of Management Accountants (CIMA), the Cork Society of Chartered Accountants, Members in Practice Committee in Ireland.
John is a member of Chartered Accountants Ireland (CAI) and of the Institute of Chartered Accountants in England and Wales (ICAEW).
He participates in a technical group with UK accountancy experts, consultants and trainers with a like-minded interest in technical accounting/auditing matters that meets regularly to discuss the latest developments in the profession.