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 April 2024)
| MERCIA | PCAS | CCH |
|
IMER 19 - Mercia Company Audit Pack Version 19 |
IPCAS 18 - PCAS Company Audit Master Pack Version 18 |
IFULL 15 - CCH - ISA Full Audit Pack 15 |
|
IMERG 19 - Mercia Group Audit Pack Version 19 |
PAAPCH 17 - PCAS Charity Audit Pack 17 |
IGROUP 15 - CCH - ISA Group Audit Pack 15 |
|
MERPEN 11 - Mercia Pension Audit Pack Version 11 |
PAAPPEN 17 - Pension Audit Pack 17 |
CCHCH 16 - CCH - Charity Audit Pack 16 |
|
MERCHA 17 - Mercia Charity Audit Pack Version 17 |
PCASAD (Private Company Academy) V11.000 |
CCHLLP 14 - CCH - LLP Master Pack 14 |
|
MERLLP 11 - Mercia LLP Audit Pack Version 11 |
PCASNA 17 - Private Company Audit System - Audit Exemption 17 |
IPEN (CCH - ISA Pension Scheme Audit) V11.000 |
|
MERACD (Mercia Academies Audit Pack) V11.000 |
|
IPENEM (CCH – ISA Pension Earmarked Scheme) V10.000 |
|
MERAEX 18 - Mercia Audit Exemption Pack Version 18 |
LAP 14 - CCH - Limited Assurance Pack 14 |
|
|
|
NONAUD 24 - CCH - Non Audit Pack 24 |
|
|
|
ISMALL (CCH – ISA Small Audit Pack) V12.000* |