A suite of new and revised standards has been introduced for all practices in Australia and New Zealand, changing from a system of quality control to system of quality management. This new system strengthens and modernises how practices’ approach quality management in line with evolving stakeholder expectations.
Here you can find the tools and resources you need to update the quality system in your practice. If your practice undertakes both assurance and non-assurance engagements, you may choose to extend the requirements that apply to assurance engagements to non-assurance engagements.
Practices that perform audits or reviews of financial statements, or undertake other assurance engagements or agreed-upon procedures engagements are required to design, implement and operate a system of quality management using a risk-based approach.
This new system needs to be in place by 15 December 2022. Practices are also required to establish a monitoring and remediation process, with the first evaluation occurring by 15 December 2023.
Illustrative risk matrix
A member guide to assist non-network assurance practices in Australia and New Zealand to identify, assess and document quality risks.
2022 Audit and Accounting Conference session (Australia)
Hear from a panel of experts on the key elements of the quality management standards for assurance practices and delve into the common questions members are asking.
The standards are known as APES 320 in Australia and PS-1 in New Zealand.
If your practice does not perform assurance engagements, these standards have been updated to achieve high-level alignment with the standard for practices that do perform assurance engagements. The key difference is risk is addressed through the standards’ requirements rather than a separate risk assessment.
You will need to review your existing quality system for the standards’ updated requirements and make any necessary amendments. This revised system needs to be in place by 1 January 2023 for Australian practices and 15 December 2022 for New Zealand practices.
Non-assurance quality management guide (Australia)
A guide to assist members in non-assurance practices in Australia including sample policies, procedures and templates.
Sharing Knowledge webinar (New Zealand)
Hear from us on how to implement PS-1 in non-assurance practices in New Zealand.
Overview of the quality management standards
Dive deeper into the changes to managing qualityRead Acuity article
Fact sheet (Australia)
This members-only fact sheet outlines how the standards will impact your practice in Australia, what standards apply and when the changes come into effect.Access now
Learn more about the standards and access resources from the IAASBRead more
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