Quality management in the audit process through the prism of the new International Audit Standards regarding quality management

Abstract

This article briefly examines the main differences between the previous requirements, related to the six elements of the quality management system, and the requirements of the new ISQM 1, related to the already eight interconnected components, which are aligned with the previous elements, but also include two new components: (i) the risk assessment process within the company; (ii) Information and communication. The article also highlights the particularities of the three international quality management audit standards. To achieve the proposed goal, the authors applied analysis, documentary research, comparison, estimation, and professional reasoning as research methods. Thus, through the analysis and documentary research of the normative framework, the interpretation and explanation of the changes made in the content of the mentioned standards was exposed. The comparison method was useful for the quantitative and qualitative determination of the changes between the versions of the repealed standards and the approved ones. For this, we carried out a descriptive-explanatory study of ISQM 1 "Quality management for firms that perform audits, or reviews of financial statements or other assurance missions or related services", of ISQM 2 " Engagement Quality Reviews", of ISA 220 (revised) "Quality management for an audit of financial statements" considered relevant for the intended purpose.