Document ID: chunk:federal_register_of_legislation:F2023C01118:body:0:p2
Version: federal_register_of_legislation:F2023C01118
Segment Type: other
Provision Reference: 
Character Range: 2978–8440

1833-4393

CONTENTS

COMPILATION DETAILS

AUTHORITY STATEMENT

CONFORMITY WITH INTERNATIONAL STANDARDS ON QUALITY MANAGEMENT

Paragraphs

Application............................................................Aus 0.1

Operative Date............................................................Aus 0.2

Introduction

Scope of this Auditing Standard.................................................1-5

The Firm's System of Quality Management........................................6-11

Authority of this ASQM.......................................................12

Effective Date..............................................................13

Objective...............................................................14-15

Definitions.............................................................16-Aus 16.8

Requirements

Applying, and Complying with, Relevant Requirements..............................17-18

System of Quality Management...............................................19-22

The Firm's Risk Assessment Process...........................................23-27

Governance and Leadership....................................................28

Relevant Ethical Requirements..................................................29

Acceptance and Continuance of Client Relationships and Specific Engagements...............30

Engagement Performance......................................................31

Resources.................................................................32

Information and Communication.................................................33

Specified Responses..........................................................34

Monitoring and Remediation Process...........................................35-47

Network Requirements or Network Services......................................48-52

Evaluating the System of Quality Management....................................53-56

Documentation...........................................................57-60

Application and Other Explanatory Material

Scope of this ASQM......................................................A1-A2

The Firm's System of Quality Management......................................A3-A5

Authority of this ASQM...................................................A6-Aus A9.1

Definitions............................................................A10-A28

Applying, and Complying with, Relevant Requirements...............................A29

System of Quality Management.............................................A30-A38

The Firm's Risk Assessment Process.........................................A39-A54

Governance and Leadership...............................................A55-A61

Relevant Ethical Requirements.............................................A62-A66

Acceptance and Continuance of Client Relationships and Specific Engagements.........A67-A74

Engagement Performance.................................................A75-A85

Resources...........................................................A86-A108

Information and Communication..........................................A109-A115

Specified Responses...................................................A116-A137

Monitoring and Remediation Process.......................................A138-A174

Network Requirements or Network Services..................................A175-A186

Evaluating the System of Quality Management................................A187-A201

Documentation.......................................................A202-A206

COMPILATION DETAILS

Auditing Standard ASQM 1 Quality Management for Firms that Perform Audits or Reviews of Financial Reports and Other Financial Information, or Other Assurance or Related Services Engagements (as Amended)

This compilation takes into account amendments made up to and including 27 April 2022 and was prepared on 2 March 2023 by the Auditing and Assurance Standards Board (AUASB).

This compilation is not a separate Auditing Standard made by the AUASB.  Instead, it is a representation of ASQM 1 (March 2021) as amended by another Auditing Standard which is listed in the Table below.

Table of Standards
Standard        Date made        Operative Date
ASQM 1 [A]      10 March 2021    financial reporting periods commencing on or after 15 December 2022
ASA 2022-1 [B]   27 April 2022   financial reporting periods commencing on or after 15 December 2023

Legislation History

Standard    Registration Number  Registration Date  Commencement Date

ASQM 1      F2021L00415          6 April 2021       7 April 2021

ASA 2022-1  F2022L00712          19 May 2022        14 December 2023

Table of Amendments
Paragraph affected    How affected  By … [paragraph]
Footnote 17 in A96.1  Amended       ASA 2022-1 [9]
A112                  Amended       ASA 2022-1 [10]

AUTHORITY STATEMENT

 Auditing Standard ASQM 1 Quality Management for Firms that Perform Audits or Reviews of Financial Reports and Other Financial Information, or Other Assurance or Related Services Engagements (as amended to 27 April 2022) is set out in paragraphs Aus 0.1 to A206.

 This Auditing Standard is to be read in conjunction with ASA 101 Preamble to AUASB Standards, which sets out how AUASB Standards are to be understood, interpreted and applied.

Conformity with International Standards on Quality Management

This Auditing Standard conforms with International Standard on Quality Management ISQM 1 Quality Management for