The Institute of Chartered Accountants of India (ICAI) has issued two new standards focused on quality management for firms conducting audits, reviews, and other assurance services. These are SQM 1, which covers quality management for firms performing audits or reviews of financial statements, and SQM 2, which deals with engagement quality reviews. The exact effective dates for these new standards are detailed within the standards themselves.
Auditing and Assurance Standards Board
The Institute of Chartered Accountants of India
14th 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 in respective standards under the heading: "Effective Date".
Please note that the extant corresponding standard i.e. SQC 1 will continue to be applicable till these standards become applicable. SQC 1 is available on ICAI's website at the following link:
https://resource.cdn.icai.org/15366Link1.pdf
Please also note that these standards contain conforming amendments to various other standards which would be applicable from the date of applicability of these standards.
Please click below to download these standards
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.