The BAOB carried out thematic inspections in 2024 on the implementation of International Standard on Quality Management (ISQM) 1 at a selection of leading PIE audit firms. The inspection focused on the design and implementation of:
- the risk assessment process;
- the ‘Human Resources’ component;
- the ‘Governance and Leadership’ component.
With a pedagogical and awareness-raising approach, the BAOB is gaining ever greater insight into the way in which PIE audit firms understand and apply the new standard, and how this contributes to the risk management of their audit firm (hereafter the ‘firm’) and the quality of their audit work.
The exploratory thematic inspections have yielded insights that the BAOB wishes to share in order to support the sector in their efforts to develop and strengthen their new office organization.