Introduction to ISQM 1: What It Is and Why It Matters

Quality management is important for today’s accounting practices. ISQM 1 provides a flexible, risk-based framework tailored to each practice's needs. This article explores ISQM 1’s key elements, its major updates from ISQC 1, and its connection to ISQM 2 and ISA 220 (Revised). With practical tips on risk assessment, monitoring, and implementation, this guide helps firms enhance their quality management practices for greater consistency and client trust.