Part COMPILATION DETAILS - Auditing Standard ASQM 1 Quality Management for Firms that Perform Audits or Reviews of Financial Reports and Other Financial Information, or Other Assurance or Related Services Engagements - COMPILATION DETAILS | Zoe
Auditing Standard ASQM 1 Quality Management for Firms that Perform Audits or Reviews of Financial Reports and Other Financial Information, or Other Assurance or Related Services Engagements
COMPILATION DETAILSCOMPILATION DETAILS
Start here
Get a plain-English read of COMPILATION DETAILS
Turn the raw legal text into a practical explanation grounded in Auditing Standard ASQM 1 Quality Management for Firms that Perform Audits or Reviews of Financial Reports and Other Financial Information, or Other Assurance or Related Services Engagements.
The most recently compiled versions of Auditing Standards, original Standards and amending Standards (see Compilation Details) are available on the AUASB website: www.auasb.gov.au
Contact Details
Auditing and Assurance Standards BoardPhone: (03) 8080 7400E-mail: enquiries@auasb.gov.auPostal Address:PO Box 204Collins Street WestMelbourne Victoria 8007AUSTRALIA
Requests and enquiries concerning reproduction and rights for commercial purposes within Australia should be addressed to the Director – National, Auditing and Assurance Standards Board, PO Box 204, Collins Street West, Melbourne, Victoria 8007 or sent to enquiries@auasb.gov.au. Otherwise, no part of this Auditing Standard may be reproduced, stored or transmitted in any form or by any means without the prior written permission of the AUASB except as permitted by law.
This Auditing Standard reproduces substantial parts of the corresponding International Standard on Quality Management issued by the International Auditing and Assurance Standards Board (IAASB) and published by the International Federation of Accountants (IFAC), in the manner described in the statement on Conformity with International Standards on Quality Management. The AUASB acknowledges that IFAC is the owner of copyright in the International Standard on Quality Management incorporated in this Auditing Standard throughout the world.
All existing rights in this material are reserved outside Australia. Reproduction outside Australia in unaltered form (retaining this notice) is permitted for personal and non-commercial use only.
Further information and requests for authorisation to reproduce this Auditing Standard for commercial purposes outside Australia should be addressed to the Director – National, Auditing and Assurance Standards Board, PO Box 204, Collins Street West, Melbourne, Victoria 8007 or sent to enquiries@auasb.gov.au. Any decision to approve a request may also require the agreement of IFAC.
ISSN 1833-4393
CONTENTS
COMPILATION DETAILS
AUTHORITY STATEMENT
CONFORMITY WITH INTERNATIONAL STANDARDS ON QUALITY MANAGEMENT
Auditing Standard ASQM 1 Quality Management for Firms that Perform Audits or Reviews of Financial Reports and Other Financial Information, or Other Assurance or Related Services Engagements (as Amended)
This compilation takes into account amendments made up to and including 28 January 2025 and was prepared on 12 February 2025 by the Auditing and Assurance Standards Board (AUASB).
This compilation is not a separate Auditing Standard made by the AUASB. Instead, it is a representation of ASQM 1 (March 2021) as amended by other Auditing Standards which are listed in the Table below.
Table of Standards
Standard
Date made
Operative Date
ASQM 1 [A]
10 March 2021
financial reporting periods commencing on or after 15 December 2022
ASA 2022-1 [B]
27 April 2022
financial reporting periods commencing on or after 15 December 2023
ASA 2025-2 [C]
28 January 2025
from 1 January 2025
Legislation History
Standard
Registration Number
Registration Date
Commencement Date
ASQM 1
F2021L00415
6 April 2021
7 April 2021
ASA 2022-1
F2022L00712
19 May 2022
14 December 2023
ASA 2025-2
F2025L00108
11 February 2025
12 February 2025
Table of Amendments
Paragraph affected
How affected
By … [paragraph]
Footnote 17 in A96.1
Amended
ASA 2022-1 [9]
A112
Amended
ASA 2022-1 [10]
Aus 0.1
Amended
ASA 2025-2 [8]
Aus 4.1
Amended
ASA 2025-2 [9]
Aus 4.1Footnote *
Deleted
ASA 2025-2 [9]
Aus 16.7
Amended
ASA 2025-2 [10]
Aus 16.8
Amended
ASA 2025-2 [11]
Aus 16.9
Addition
ASA 2025-2 [12]
A1
Amended
ASA 2025-2 [13]
A1Footnotes 7 and 8
Addition
ASA 2025-2 [13]
Renumbering of footnotes
Amended
ASA 2025-2 [14]
A2
Amended
ASA 2025-2 [15]
A22
Amended
ASA 2025-2 [16]
A23
Amended
ASA 2025-2 [17]
A62
Amended
ASA 2025-2 [18]
A83
Amended
ASA 2025-2 [19]
A85
Amended
ASA 2025-2 [20]
AUTHORITY STATEMENT
Auditing Standard ASQM 1 Quality Management for Firms that Perform Audits or Reviews of Financial Reports and Other Financial Information, or Other Assurance or Related Services Engagements (as amended to 28 January 2025) is set out in paragraphs Aus 0.1 to A206.
This Auditing Standard is to be read in conjunction with ASA 101 Preamble to AUASB Standards, which sets out how AUASB Standards are to be understood, interpreted and applied.
Conformity with International Standards on Quality Management
This Auditing Standard conforms with International Standard on Quality Management ISQM 1 Quality Management for Firms that Performs Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements issued by the International Auditing and Assurance Standards Board (IAASB), an independent standard‑setting board of the International Federation of Accountants (IFAC).
Paragraphs that have been added to, or amended from this Auditing Standard (and do not appear / appear differently in/from the text of the equivalent ISQM 1) are identified with the prefix “Aus”.
The following introductory paragraphs and definitions are additional to or have been amended from ISQM 1:
Paragraph
Summary of Change
Aus 4.1
Replaces ISQM 1 introductory paragraph 4, to introduce ASA 102 Compliance with Ethical Requirements when Performing Audits, Reviews and Other Assurance Engagements.
Aus 4.2
Additional to ISQM 1 to serve as a reminder that it is the responsibility of the firm to ensure compliance with all relevant legal, regulatory or professional obligations.
Aus 10.1
Replaces ISQM 1 paragraph 10 scalability, as the example used in ISQM 1 references Compilation Engagements. The AUASB does not issue a Compilation Engagement standard.
Aus 16.1-Aus16.2 and 16.5
Additional to ISQM 1, to include definitions of ‘Assurance engagement’, ‘Assurance practitioner’ and ‘Other financial information’, within the legislative instrument of ASQM 1.
Aus 16.3
Additional to ISQM 1 to include definition of ‘Date of report’, to represent current Australian principles and practices of dating reports.
Aus 16.4
Replaces ISQM 1 paragraph 16(f) definition of ‘Engagement team’, to remove the reference to direct assistance of internal audit which is prohibited in Australia, consistent with ASA 610 Using the Work of Internal Auditors.
Aus 16.5
Additional to ISQM 1, to include the definition of ‘Other financial information’. Consistent with ASA 100 Preamble to AUASB Standards, although Auditing Standards are written mainly in the context of an audit of a financial report, they apply also, as appropriate, to the audit of other financial information.
Aus 16.6
Replaces ISQM 1 paragraph 16(m) definition of ‘Partner’, which references the term ‘professional services engagements’. This term is not defined within Australia and has been replaced with the words audit, review, other assurance engagement or related services engagement.
Aus 16.7
Replaces ISQM paragraph 16(p) definition of ‘Professional standards’. The AUASB Preface defines the term AUASB Standards.
Aus 16.8
Replaces ISQM 1 paragraph 16(t) definition of ‘Relevant ethical requirements’. Relevant ethical requirements are defined in ASA 102 Compliance with Ethical Requirements when Performing Audits, Reviews and Other Assurance Engagements.
The following application and other explanatory material is additional to or amended from ISQM 1:
Paragraph
Summary of Change
Aus A9.1
Replaces ISQM 1 paragraph A9 Glossary of terms to remove reference to the IAASB Handbook.
Aus A96.1
Replaces ISQM 1 paragraph A96 to remove the reference to direct assistance of internal audit which is prohibited in Australia, consistent with ASA 610 Using the Work of Internal Auditors.
This Auditing Standard incorporates terminology and definitions used in Australia.
Compliance with this Auditing Standard enables compliance with ISQM 1.