With New Standards in Place, Proactive Quality Management Will Underpin the Next Era of Audit Transformation

[News]

Following a vote by the IAASB during its last day of the September meeting, IAASB Chair Tom Seidenstein explains why the new quality management standards respond to:

• The changing environment;
• Challenge the effectiveness of the IAASB’s pre-existing quality control standards; and
• Growing market participant needs.

The resulting suite of standards are aimed at a more robust system of quality management for firms using the IAASB’s standards, and marks an evolution from a traditional, more linear approach to quality control.

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