APES 320 Quality Control for Firms (APES 320) sets out requirements for firms to maintain a system of quality control.
From mid December 2022, new Quality Management Standards issued by the AUASB become applicable for Australian assurance practices. In light of this development, APESB is considering the role of APES 320 for firms that provide non-assurance services.
In September 2021, APESB issued an exposure draft to seek feedback on a revised focus for APES 320. The proposed revisions will see APES 320 renamed as Quality Management for Firms that provide Non-Assurance Services. While the revisions use a significant portion of the extant APES 320 to minimise disruption to firms, the changes ensure high-level alignment with ASQM 1 (for firms that provide assurance and non-assurance services) and also remove assurance-based requirements and terminology.
This one hour webinar covers:
• The background to the proposed revisions and the impact of the AUASB’s new quality management standards;
• An outline of key revisions to APES 320;
• Considerations for Small to medium practices (SMP); and
• The interaction between APES 320 and APES 325 Risk Management for Firms.