New IFAC guidance on implementing the quality management system for small and medium entities

31 October 2022

IFAC released new guidance for SMEs to assist with the implementation of the new quality management system.  The IAASB’s suite of quality management standards were issued in December 2020 and come into effect on December 15, 2022.

The three-part series will provide tips and guidance for practical implementation of the IAASB’s standards. Installment One: It is time to get ready for the new quality management standards addresses the mindset change the new standards require and the shift in focus from quality control to quality management. Installment two will focus on developing a detailed implementation plan and installment three will address monitoring and remediation. 

This first installment in a three-part publication series will assist in:

• addressing the mindset change the new standards require and the shift in focus from quality control to quality management.
• developing a project implementation plan,
• an introduction to quality objectives,
• the risk assessment process, and
• assigning roles and responsibilities.
• providing helpful meeting agenda templates practitioners can use with their colleagues are also included.

You can read the IFAC guidance here.