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 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.