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2022/07/28

Daxin Network releases updated series of quality management guidelines

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Recently, Daxin Network have revised Daxin Quality Management Guidelines No. 1 - Business Quality Management, Daxin Quality Management Guidelines No. 2 - Engagement Quality Review, and Daxin Auditing Guidelines No. 3 - Quality Management for Financial Statement Auditing, based on the requirements of the updated document against International Standards on Auditing IAASB-ISQM, IAASB-ISQM-2, and IAASB-ISA-220.

The guidelines require firms to adopt a new risk-oriented quality management method, apply internal control theory, establish and improve and effectively operate a unified quality management system for the entire firm, and specify the eight elements(Risk assessment procedures of accounting members,Governance and leadership,Relevant professional ethics requirements,Acceptance and maintenance of customer relationships and specific businesses,Business execution,Resources,Information and communication , Monitoring and rectification procedures)of the system and the specific content of each element. and requirements.

Among them, for the "business execution" element, the guidelines require firms to formulate policies and procedures for engagement quality review, and implement engagement quality review for businesses that meet certain requirements.

Daxin Network hope to get each member's opinion on the improvement of the above guidelines, after considering the actual situation of each member's country. 

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