Before accepting a new client, a structured risk assessment helps identify financial, compliance, and ethical risks. Verifying identity, checking tax compliance, and reviewing financial stability prevent future issues. Clear payment terms and an engagement letter set expectations, while ongoing monitoring ensures a low-risk, professional relationship. Careful client selection protects your practice and supports long-term success.

Managing quality risks is essential for delivering consistent, reliable results in your practice. ISQM 1 introduces a practical approach to identifying and addressing these risks, tailored to your firm's unique needs. This article explores how you can simplify risk assessment and design effective solutions to strengthen your quality management system.