APES 320 Quality Management for Firms that provide Non-Assurance Services was issued on 22 February 2022 and replaces extant APES 320 Quality Control for Firms from 1 January 2023.
New Quality Management Standard ASQM 1, issued by the AUASB in March 2021, will become applicable for Australian assurance practices from mid-December 2022. Resulting from this development, APESB reconsidered the role of APES 320 and reissued the standard to be specific for firms that provide non-assurance services.
While the reissued APES 320 maintains a significant proportion of the material from the extant APES 320 to minimise disruption to firms, the changes also ensure high-level alignment with ASQM 1 to assist ‘hybrid’ firms (ones that provide assurance and non-assurance services). The reissued APES 320 has also been simplified by removing assurance-based requirements and terminology.
The webinar will cover:
- The background to the reissue of APES 320 and the AUASB’s new ASQM 1;
- An outline of key revisions to APES 320, including considerations for SMPs;
- The types of services covered by APES 320 and ASQM 1; and
- Planning considerations for ‘hybrid’ firms that provide assurance and non-assurance services.