Conforming Amendments to the IAASB's Other Standards due to Quality Management Standards

The IAASB approved the new and revised quality management standards and issued these standards on December 17th, 2020. As a result, the IAASB needed to consider conforming and consequential amendments to the IAASB’s Other Standards and the International Framework for Assurance Engagements where they make reference to the extant quality control standards. The IAASB’s Other Standards refer to the International Standard on Quality Control (ISQC) 1 in various ways ranging from simple references to the title of the standard, cross references to material within ISQC 1, and alignment of terminology.

The objectives that this project achieved are as follows:

• Identified any actual or perceived inconsistencies between the IAASB’s Other Standards and the ISQMs; and
• Developed conforming and consequential amendments to the IAASB’s Other Standards to address such inconsistencies to the extent considered appropriate to ensure that the IAASB’s Other Standards and the ISQMs are be able to operate in conjunction with each other without conflict.