Section Table of Amendments - 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 - Table of Amendments

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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).

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.

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.

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.