This video provides an overview of the Auditing Standards Board's (ASB) proposed Quality Management standards. Sara Lord, ASB member and co-chair of the ASB's Quality Management Task Force, discusses the following topics:
Issues identified
Convergence with IAASB standards
Statement on Quality Management Standards (SQMS) No. 1, A Firm’s System of Quality Management:
The system and its components
Governance and leadership and overall responsibility for the system
The risk assessment process
Resources
Information and communication
Monitoring and remediation
The firm's