The International Auditing and Assurance Standards Board (IAASB) has issued a trio of new and revised standards intended to strengthen and modernize the way audit firms on an international level approach quality management.
The quality management standards, which the IAASB said “mark a significant evolution of the existing quality control standards,” replace the current International Standard on Quality Control 1 and International Standard on Auditing 220 (ISA 220). The new standards are effective Dec. 15, 2022.
