Released 09 July 2021
The Financial Reporting Council (FRC) has issued revised quality management standards that introduce a new quality management approach focused on proactively identifying and responding to risks to quality.
The revised standards are:
•International Standard on Quality Management (UK) 1 Quality Management For Firms That Perform Audits Or Reviews Of Financial Statements, Or Other Assurance Or Related Services Engagements;
•International Standard on Quality Management (UK) 2 Engagement Quality Reviews; and
•International Standard on Auditing (UK) 220 (Revised July 2021) Quality Control For An Audit Of Financial Statements.
The standards are effective for audits of financial statements for periods beginning on or after 15 December 2022. Early adoption of the revised standards is strongly encouraged by the FRC.
Further information can be found at https://www.frc.org.uk/news/july-2021/frc-revises-uk-quality-management-standards.