The new suite of Quality Management Standards ISQM 1, ISQM 2 and ISA 220 (revised) requires all firms to design and implement a System of Quality Management (SOQM) by 15 December 2022 and to have the system evaluated by 15 December 2023.
The PCP ISQM Manual is designed to make it as easy as possible for small and medium sized firms of accountants to implement the numerous requirements of the new standards. The manual provides you with a bank of over 250 questions and potential risks to enable you to complete the complex and time consuming risk assessment process and to tailor it for the circumstances of your firm. This is done by way of an excel spreadsheet. The rest of the manual is in a word format.
A set of proforma policies and procedures are also provided to use as a starting point for your responses to quality risks and to incorporate into your SOQM. These policies and procedures can be tailored to fit the quality risks arising from your practice. The tailoring of these is an important requirement of ISQM 1.
The manual also contains over 40 specimen forms which may be used as part of the SOQM and as part of the important remediation and monitoring process. These forms and guidance also cover the root cause analysis process which is of key importance. Those of you that have used the PCP ISQC 1 manual will recognise the format that has been adopted.
As with all PCP products it will be available via log in to your dedicated account on our server and you will be sent an e-mail after purchase which will give you access to the product at www.pcpproducts.com
To view an extensive extract from the product please e-mail Margaret at Margaret@pcplimited.com