ASA 220 Revised and ASQM 2 – Are you ready?
Overview
How the critical roles of the EP and EQR can help achieve quality outcomes
The Australian Auditing and Assurance Standards Board (AUASB) has issued three new standards to ‘strengthen and modernize the audit firm’s approach to quality management
This package of standards includes:
- ASQM 1 Quality Management for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements
- ASQM 2 Engagement Quality Reviews and
- ASA 220 Revised Quality management for an audit of financial statements.
This webinar will cover the key requirements and practical application of ASQM 2 and ASA 220.
Specifically, this webinar will provide:
- An overview of key changes to ASA 220 and the enhanced requirements of ASQM 2
- A focus on the behaviours and mindset required for successful implementation of the standards
- Practical examples of how to document partner and EQR involvement
Learning Outcomes:
- Familiarity with the new and enhanced requirements of the standards
- Clarity on the expectations of partners and EQRs
- Understand the pivotal role that partners and EQRs have on achieving quality outcomes
Suited to:
Auditors in professional practice
This On Demand includes:
- a recording of the webinar Event which can be viewed multiple times
- a PDF of the presenter’s PowerPoint
- a verbatim Transcript
- any supporting documentation
- a CPD Certificate after successful completion of the Knowledge Quiz
Course syllabus
3 lessons
- Video – ASA 220 Revised and ASQM 2 – Are you ready?Video
- FeedbackSurvey
- Knowledge TestTest
Your presenter
Cormac McConville,BDO Australia
Director, National Audit Quality, BDO Australia
Cormac is a member of Chartered Accountants Australia New Zealand (CAANZ) and is a fellow of Chartered Accountants Ireland. He is currently a director within BDO’s National Audit Quality team and has been with the firm for over 4 years. Prior to joining BDO, Cormac worked for CAANZ and PwC.
With considerable experience in all facets of audit and assurance, Cormac is very familiar with the challenges that auditors continue to face and the spotlight that the profession continues to fall under. In his role, Cormac also leads the monitoring and remediation pillar for the audit service line in BDO.
Cormac has played an integral role in the early adoption of ASQM 2 and ASA 220 and continues to be involved with the implementation of quality management standards. This has included gaining an in-depth understanding of the practical implications for engagement partners and EQRs of the new and revised standards and ensuring policies and procedures are updated to reflect these requirements.