International Standard on Quality Management 1 (ISQM1) is a new standard being issued by the IAASB that is currently expected to become effective at the end of 2021.
This new standard will require audit and accounting firms to undertake a risk-based assessment of their system of quality management and focus their attention on risks that may have an impact on engagement quality and the policies, procedures and controls that need to be in place to address these risks.
Unlike extant International Standard on Quality Control (ISQC 1), the new approach requires a firm to customize the design, implementation and operation of its system of quality management based on the nature and circumstances of the firm and the engagements it performs in an integrated approach that reflects upon the system as a whole.
Support Project Director and ISQM1 component working groups with project management :
establishing and managing project plans
identifying necessary resources
monitoring progress of component working groups
communicating timetables and requirements to relevant parties
Engagement with relevant stakeholders ensuring feedback to and communications with the Global SOQM Working Group
Performing / supporting performance of preliminary gap assessment for each component
Completing / providing assistance with completion of process narratives and flowcharts
Documenting / reviewing detailed control descriptions and providing input to control design where required
Skills & Experience :
Strong organisational skills
Good risk awareness
Good communication and engagement skills
Reliable and willing to take responsibility
Pragmatic (ability to consider both regulatory requirements and needs of the business)
Experience of controls (SoX would be an advantage)
Likely to have either an analytical, audit or controls / compliance background
Able to work independently and proactively but with appropriate coaching and consultation
Able to work flexibly (both in terms of managing time and working with people of different levels of seniority)
Does not have to be a subject matter expert’ in terms of component subject matter