As heightened regulation is shaping the audit and assurance profession, each auditor in public practice is required to list down the policies and procedures relating to quality control and anti-money laundering, amongst others. These Policy Manuals have been developed to help accountants and audits address the many hurdles being faced in their practice from both a technical and regulatory perspective along with business management and development challenges.

ISQM 1 Manual

The challenge of International Standard on Quality Management (ISQM 1), Quality Management for Firms that performs Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements, is that it goes beyond having a simple Manual document in place. It introduces a new risk-based approach to quality management at the practice level which if forward looking, proactive and is expected to be iterative that will require revisiting and continued improvement.

Firms performing audits or reviews of financial statements, or other assurance or related services engagements will need to have designed and implemented a system of quality management by 15th December 2022.

Compass approach

• Providing an ISQM1 complaint Manual of Policies and Procedures.
• Aiding the practice when compiling its risk assessment process.
• Tailoring Manual to the circumstances and complexities of the practice.
• Providing professional advice on the different components of quality management.