In 2024, the BAOB carried out for the first time inspections on the implementation of the International Standard on Quality Management (ISQM) 1 at a selection of non-PIE audit firms. Adopting a pedagogical and awareness-raising approach, the BAOB was able to gain greater insight into the way in which non-PIE audit firms understand and apply the new standard, and how the latter contributes to the risk management of their audit firm and the quality of their audit work.
The inspections focused on the design and implementation of:
- The risk assessment process;
- The ‘Human Resources’ component;
- The ‘Governance and Leadership’ component.
The BAOB wishes to share good practices in order to support the sector in their efforts to develop and strengthen their new office organization.