The International Federation of Accountants released the second installment Wednesday of its advice for implementing the International Auditing and Assurance Standards Board's quality management standards.
Installment Two: Developing a Detailed Implementation Plan offers a step-by-step approach to identifying a firm's quality objectives; completing its quality risk assessment process; identifying existing, or creating new, responses to those quality risks; and implementing, documenting, and communicating their system of quality management.
The earlier Installment One of the series dealt with the mindset change required by the new standards and the shift in focus from quality control to quality management.
Installment Three is expected to be released later this year and will discuss monitoring and remediation. For additional guidance, visit ifac.org/qualitymanagement.
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