Quality Management for Firms that provide Non-Assurance Services

APES 320 Quality Management for Firms that provide Non-Assurance Services (APES 320) contains material and elements from the International Standard on Quality Control 1 (ISQC 1) and the International Standard on Quality Management 1 (ISQM 1). Effective from 1 January 2023, with earlier adoption permitted, this Standard replaces APES 320 Quality Control for Firms issued in September 2019.

APES 320 requires the non-assurance practices of firms to establish policies and procedures in respect of a firm’s quality management processes. The Standard specifies that the elements of quality management are governance and leadership, professional standards, acceptance and continuance of client relationships and specific engagements, resources, engagement performance, information and communication, and monitoring and remediation.

The elements of APES 320 are aligned at a high-level with the components of ASQM 1 issued by the Auditing and Assurance Standards Board, the Australian equivalent of ISQM 1, which applies to Australian assurance practices.