IFAC and CA ANZ release quality management toolkit for smaller practices

Posted on November 11, 2023 by Editor

The International Federation of Accountants (IFAC) and Chartered Accountants Australia and New Zealand (CA ANZ) have launched a quality management toolkit aimed at aiding small- and medium-sized practices (SMPs) in adopting the International Auditing and Assurance Standards Board’s (IAASB) suite of quality management standards.

High-quality audits are vital globally – and can be especially challenging for smaller firms.

The ‘Quality Management Toolkit for Small- and Medium-Sized Firms’ aims to address this with flexible guidance that is designed to be adaptable for firms in various countries and industries. It includes a range of illustrative materials, policies, checklists, sample letters and forms. The goal is to support SMPs in defining their quality objectives, assessing risks, and formulating responses.

Kevin Dancey, IFAC CEO, emphasises the importance of aiding SMPs in implementing the IAASB’s quality management standards, especially given the proactive and customised approach required. He highlights the toolkit’s role in providing clarity to SMPs and accountancy organisations, helping them apply these standards effectively.

Explore the toolkit on the IFAC website.

An aside: This week saw the announcement from IFAC and the IFRS Foundation, that current IFRS Managing Director, Lee White will take over as CEO of IFAC in March next year, following Kevin Dancey’s retirement. Congratulations to Kevin on an extraordinary contribution to the accounting profession throughout his career, and to Lee on his achievements at the IFRS Foundation, and appointment to IFAC.

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