Quality Management and latest Master Packs versions
Introduction
New quality management standards were published by the FRC in July 2021 moving the emphasis away from quality control to a more proactive quality management system.
The new standards are:
- International Standard on Quality Management (UK) 1 – Quality Management for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements (ISQM (UK) 1); and
- International Standard on Quality Management (UK) 2 – Engagement Quality Reviews (ISQM (UK) 2); and
- International Standard on Auditing (UK) 220 (Revised July 2021) – Quality Management for an Audit of Financial Statements (ISA (UK) 220).
The standards are generally effective for audits and reviews of financial statements for periods beginning on or after 15 December 2022, however Systems of quality management in compliance with this ISQM1 is required to be designed and implemented by 15 December 2022 and the evaluation of the system of quality management required by paragraphs 53–54 of this ISQM (UK) is required to be performed within one year following December 15, 2022. Early adoption is strongly encouraged.
Our methodology content providers Mercia and Croner-i will be updating their Practice Manuals to assist your firm’s compliance with the standards. We continue to work closely with them to ensure that we produce accurate and timely audit documentation which will enable you to carry out high quality audit engagements.
Methodology Providers
Mercia
Mercia Service provider quality statement
Mercia have produced a quality control manual to help firms ensure that all the relevant risks and their responses are adequately documented. Details can be found here.
Croner-I (PCAS)
Croner-I Service provider quality statement
Croner-I have created a quality control manual to help firms ensure that all the relevant risks and their responses are adequately documented. Details can be found here.
Latest Master Packs versions available in CCH Audit Automation (as from June 2025)
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IMER 20 - Mercia Company Audit Pack Version 20 |
IPCAS 20 - PCAS Company Audit Master Pack Version 20 |
IFULL 16 - CCH - ISA Full Audit Pack 16 |
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IMERG 20 - Mercia Group Audit Pack Version 20 |
PAAPCH 18 - PCAS Charity Audit Pack 18 |
IGROUP 16 - CCH - ISA Group Audit Pack 16 |
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MERPEN 13 - Mercia Pension Audit Pack Version 13 |
PAAPPEN 17 - Pension Audit Pack 17 |
CCHCH 17 - CCH - Charity Audit Pack 17 |
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MERCHA 18 - Mercia Charity Audit Pack Version 18 |
PCASAD (Private Company Academy) V12.000 |
CCHLLP 15 - CCH - LLP Master Pack 15 |
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MERLLP 13 - Mercia LLP Audit Pack Version 13 |
PCASNA 17 - Private Company Audit System - Audit Exemption 17 |
IPEN (CCH - ISA Pension Scheme Audit) V11.000 |
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MERACD (Mercia Academies Audit Pack) V12.000 |
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IPENEM (CCH – ISA Pension Earmarked Scheme) V10.000 |
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MERAEX 19 - Mercia Audit Exemption Pack Version 19 |
LAP 15 - CCH - Limited Assurance Pack 15 |
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NONAUD 25 - CCH - Non Audit Pack 25 |
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ISMALL (CCH – ISA Small Audit Pack) V12.000* |