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Overview: Introduction to ISQM 1

Updated: Jan 2

Quality Management for Firms that Perform Audits or Reviews of Financial Statements or Other Assurance or Related Services Engagements


从事财务报表审计或审查或其他鉴证或相关服务工作的事务所的质量管理


WHAT? | 什么来的?

ISQM 1, Quality Management for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements, replaces the IAASB’s previous standard, International Standard on Quality Control (ISQC) 1, which addresses firms’ systems of quality control.


Under ISQM 1, firms must design a quality management system to manage the quality of engagements performed by the firm.


ISQM 1 applies to all firms that perform audits or reviews of financial statements or other assurance or related services engagements (i.e., if the firm performs any of these engagements, ISQM 1 applies to manage quality for those engagements).


ISQM 1,即《执行财务报表审计或审核或其他鉴证或相关服务业务的事务所的质量管理》,取代了 IAASB 的前标准,即:《国际质量控制标准》(ISQC)1,该标准涉及事务所的质量控制体系。


根据 ISQM 1,事务所必须设计一个质量管理系统来管理事务所执行的业务的质量。


ISQM 1 适用于所有执行财务报表审计或复核或其他鉴证或相关服务业务的事务所(即,如果事务所执行任何这些业务,ISQM 1 适用于管理这些业务的质量)。

Firms are required to have their system of quality  management designed and implemented effective from  December 15, 2022
20221215日起,事务所需要设计并实施其质量管理系统。

ISQM 1 consists of:

  • Eight components operate in an iterative and integrated manner; and

  • Other requirements comprise the roles and responsibilities for the system, leadership’s overall evaluation of the system, network requirements or network services and documentation.

The eight components of quality management are as follows:

  • Governance and leadership (adapted from “leadership responsibilities for quality within the firm” in ISQC 1).

  • The firm’s risk assessment process (new).

  • Relevant ethical requirements.

  • Acceptance and continuance of client relationships and specific engagements.

  • Engagement performance.

  • Resources (adapted from “human resources” in ISQC 1).

  • Information and communication (new); and

  • Monitoring and remediation process (adapted from “monitoring” in ISQC 1).

ISQM 1包括以下内容:-

  • 八个组成部分以迭代和整合的方式运作;和

  • 其他要求包括该系统的角色和责任,领导层对该系统的总体评价,网络要求或网络服务和文件。

质量管理系统的八个组成部分如下:-

  • 治理和领导(改编自 ISQC 1 中的 "公司内部质量的领导责任");

  • 公司的风险评估过程(新);

  • 相关的职业道德规范;

  • 接受并继续保持客户关系和具体的业务活动;

  • 业务执行;

  • 资源(改编自 ISQC 1 中的 "人力资源");

  • 信息和交流(新);以及

  • 监测和补救过程(根据 ISQC 1 中的 "监测 "改编)。

HOW? | 如何

MORE ROBUST GOVERNANCE AND LEADERSHIP


ISQM 1 addresses, among other matters:

  • The firm demonstrates a commitment to quality through its culture, which exists throughout the firm - includes recognizing and reinforcing:

  • The firm’s role in serving the public interest by consistently performing quality engagements

  • The importance of quality in the firm’s strategic decisions and actions, including those related to the firm’s financial and operational priorities

  • The roles, responsibilities and accountability of leadership, leadership’s qualifications, and undertaking performance evaluations of leadership annually

更有力的管理和领导


ISQM 1涉及到,除其他事项外:

  • 事务所通过其文化展示对质量的承诺,这种文化存在于整个事务所,包括承认和加强:

  • 事务所通过持续执行高质量的业务,在服务公众利益方面的作用。

  • 质量在事务所战略决策和行动中的重要性,包括那些与事务所财务和运营优先事项有关的决策和行动

  • 领导层的作用、职责和责任,领导层的资格,以及每年对领导层进行绩效评估

Introducing a Risk-Based Approach focused on achieving the Quality Objectives | 引入风险导向的方法,重点是实现质量目标

Establish quality objectives

  • ISQM 1 prescribes outcome-based quality objectives in the components – these are comprehensive

  • The firm establishes additional quality objectives that the firm considers necessary to achieve the objectives of the system of quality management

Identify and assess quality risks

  • The firm understands the conditions, events, circumstances, actions or inactions that could adversely affect the achievement of the quality objectives

  • The firm focuses on the nature and circumstances of the firm and the engagements it performs


Design and implement responses

  • The firm designs and implements responses that address the quality risks

  • ISQM 1 includes some specified responses – the specified responses are not comprehensive

Identify information that indicates changes are needed

If there are changes in the nature and circumstances of the firm or the engagements, or as a result of information from the firm’s monitoring and remediation process, the firm:

  • Establishes additional quality objectives or modifies any additional quality objectives

  • Modifies or adds to the quality of risks and responses

建立质量目标

  • ISQM 1 在各组成部分中规定了基于结果的质量目标--这些目标是全面的

  • 事务所建立额外的质量目标,事务所认为这是实现质量管理系统的目标所必需的。

识别和评估质量风险

  • 事务所了解可能对质量目标的实现产生不利影响的条件、事件、环境、行动或不行动。

  • 事务所专注于事务所的性质和情况以及它所执行的业务

设计并实施应对措施

  • 事务所设计并实施应对措施,以应对质量风险。

  • ISQM 1 包括一些特定的反应--这些特定的反应并不全面。

识别表明需要改变的信息

如果事务所或业务的性质和情况发生变化,或由于事务所监测和补救过程中所出现的信息,公司:

  • 制定额外的质量目标,或修改任何额外的质量目标

  • 修改或增加风险和应对措施的质量

Expanded resources | 资源扩展
  • Three categories of resources are needed to operate the system of quality management and perform engagements: Human | Technological | Intellectual

  • ISQM 1 explicitly deals with resources from service providers

  • The firm considers what resources are needed, whether they are appropriate, and how they are used and maintained


  • 运作质量管理系统和执行任务需要三类资源:人力-技术-智力

  • ISQM 1 明确涉及到来自服务提供者的资源

  • 事务所考虑需要什么资源,这些资源是否合适,以及如何使用和维护这些资源。

Improving information and communication | 改善信息和沟通
  • ISQM 1 emphasises the continual flow of information within the firm and with engagement teams and drives firms to establish an information system

  • The firm culture needs to embed the need to exchange information

  • The firm communicates with external parties when it is appropriate – Including communicating to those charged with governance about the system when the firm performs an audit of financial statements of listed entities


  • ISQM 1 强调了信息在事务所内部以及与参与团队之间的持续流动,并促使公司建立一个信息系统。