FRC revises UK quality management standards
09 July 2021
The Financial Reporting Council (FRC) has today issued revised quality management standards for an audit firm’s responsibilities to design, implement and operate a system of quality management:
These standards introduce a new quality management approach that is focused on proactively identifying and responding to risks to quality. This new approach requires a firm to customise the design, implementation and operation of its system of quality management based on the nature and circumstances of the firm, using an integrated approach that reflects upon the quality management system as a whole.
The standards are effective for audits of financial statements for periods beginning on or after 15 December 2022. Early adoption of the revised standards is strongly encouraged.
The feedback statement and impact assessment is available here