News
Abu-Ghazaleh: IASCA to Start Translating ISQM
04-Oct-2021
In Cooperation with the IFAC
AMMAN - HE Dr. Talal Abu-Ghazaleh, chairman of the International Arab Society of Certified Accountants (IASCA), announced that IASCA will start translating, printing, and publishing the International Standards of Quality Control (ISQM). The translation will be provided in Arabic in cooperation with the International Federation of Accountants (IFAC).
Stemming from the keenness of both sides to ensure that ISQM is available for everyone, this cooperation aims at publishing and distributing the ISQM in the Arab countries.
In December 2020, the International Auditing and Assurance Standards Board (IAASB) of IFAC, issued ISQM 1, Quality Management for Firms that Perform Audits or Reviews of Financial Statements, or other Assurance or related Services Engagements, and ISQM 2, Engagement Quality Reviews, to supersede the previous ISQM 1 and the amendments to ISA 220. The new standards will be effective as of December 15, 2022.
Dr. Abu-Ghazaleh indicated that the standards demonstrate that the new quality control system differs from the currently applicable system, as the new system is proactive and based on the previous determination and assessment of objectives and risks and the development of policies and measures to prevent deficiencies. He added that the new system extends to cover audit, assurance, and other related services engagements.
Dr. Abu-Ghazaleh concluded that the adoption of these standards will change the method of “quality control” that is currently used, and will enhance the quality management and dynamics, with the application of the proactive method along with the risk-based method. These new standards will result in several amendments to policies, procedures, roles, and responsibilities.