CCH Audit Automation
Quality Management and latest Master Packs versions
The document outlines the new quality management standards released by the FRC in July 2021, shifting focus to proactive quality management systems. It highlights three key standards: ISQM (UK) 1, ISQM (UK) 2, and ISA (UK) 220, effective for audit periods starting after December 15, 2022. Firms must implement compliance systems by this date, with evaluations due within the following year. Collaboration with methodology providers Mercia and Croner-i is discussed to assist in compliance, along with updates on the latest audit pack versions available in CCH Audit Automation.