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Auditing and Assurance Standards BoardThe Institute of Chartered Accountants of India14th October 2024 Issuance of SQM 1, SQM 2 The Institute of Chartered Accountants of India (ICAI) is issuing the following standards: S. No. Standards 1. SQM 1, Quality Management for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements 2. SQM 2, Engagement Quality Reviews The effective date of these standards is given
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FAQ :
The ICAI has issued two new standards: SQM 1, Quality Management for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements, and SQM 2, Engagement Quality Reviews.
SQM 1 focuses on quality management for firms that perform audits or reviews of financial statements, or other assurance or related services engagements.
SQM 2 deals with engagement quality reviews.
The effective date for these standards is specified within each respective standard under the heading 'Effective Date'.
The extant corresponding standard, SQC 1, will continue to be applicable until the new SQM 1 and SQM 2 standards become applicable.
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