IFAC Releases Third Installment in Implementation Support Series for Small Firms on the IAASB's Quality Management Standards

Today, the International Federation of Accountants (IFAC) released the third and final installment in its three-part publication series to help small- and medium-sized practices (SMPs) implement the International Auditing and Assurance Standards Board’s (IAASB) suite of quality management standards. Installment Three: Monitoring and Remediation provides tips and guidance for the practical implementation of the monitoring and remediation of a firm’s system of quality management.

Installment Three addresses:

• The factors driving the nature, timing and extent of the monitoring activities.
• The scope and outcome of monitoring activities to establish a feedback loop for continuous improvement.
• Establishing a framework for evaluating findings, identifying deficiencies, and evaluating the severity and pervasiveness of deficiencies, which includes investigating root causes.
• Responding to identified deficiencies and communication about monitoring and remediation.
• The ongoing evaluation of the system of quality management.

Installment Three includes multiple documentation aids covering annual monitoring and evaluation of the system of quality management, cyclical inspection of completed audits and other engagements and a monitoring and remediation report to assist practitioners. It also continues the case study introduced in the previous installments.

Context

Installment One of the series addressed the mindset change the new standards require and the shift in focus from quality control to quality management. Installment Two covered development of an implementation plan for quality management.

This series joins IFAC’s collection of available resources that support quality management implementation, including webinars, articles and videos, as well as the IAASB first-time implementation guides, all of which are available at ifac.org/qualitymanagement.

Engagement

This publication series and other resources like it underscore IFAC’s commitment to supporting SMPs and empowering them to provide the best possible service to their clients. IFAC acknowledges and appreciates feedback from IFAC’s Small and Medium Practices Advisory Group and Forum of Firms representatives in the development of the series. ​