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Title: The amendments and the implementation of the Revised International Standard of Quality and Control 1
Authors: Mercieca, Zach
Keywords: Auditing -- Malta
Auditing -- Standards
Quality control -- Malta
Issue Date: 2020
Citation: Mercieca, Z. (2020). The amendments and the implementation of the Revised International Standard of Quality and Control 1 (Master's dissertation).
Abstract: Purpose: The purpose of this study is to assess the implementation and effectiveness of the current ISQC regime, investigate the practitioners’ perception of the three (3) new quality management standards and to assess the implications for practitioners in order to properly implement and comply with the new requirements and approach adopted. Design: In order to acquire primary data, fourteen (14) semi-structured interviews were conducted with twelve (12) practitioners, the regulator, and an engagement quality control reviewer. Findings: From the data collected, it emerged that all participants were familiar and have adopted the quality control standard. Furthermore, it was found that practitioners have a general positive outlook on the proposed revisions albeit a number of issues have been identified including unrealistic expectations and requirements with regards to the new monitoring and remediation requirements and the new leadership and governance responsibilities, making the standard more onerous to adopt. Conclusion: The issues highlighted within the study mainly relate to a general lack of explanations within the exposure drafts and a lack of scalability for certain entities to apply the standard adequately. A call has been made for the quality management standards to adopt a more realistic and workable approach in order to make the standard less of a burden to apply. Value: The researcher hopes that the recommendations provided will facilitate the effective implementation of ISQM standards, which are expected to become effective towards the end of 2021. This study assists practitioners and other interested parties in making the standard more clear, concise, and adoptable for any entity required to abide by it.
Description: M.ACCTY.
Appears in Collections:Dissertations - FacEma - 2020
Dissertations - FacEMAAcc - 2020

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