The Saudi Organization for Chartered and Professional Accountants (SOCPA) has released the Arabic electronic version for the year 2024, which corresponds to the latest version of the International Standards on Quality Management, Auditing, Review, and Other Assurance and Related Services (2022 edition).
This version includes several amendments and updates, which can be summarized as follows:
1. Quality Management Standard (1): "Quality Management for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements," which replaces Quality Control Standard (1) "Quality Control for Firms that Perform Audits and Reviews of Financial Statements, and Other Assurance and Related Services Engagements."
2. Quality Management Standard (2): "Engagement Quality Reviews."
3. Auditing Standard (220) (Revised): "Quality Management for an Audit of Financial Statements."
4. Related Services Standard (4400) (Revised): "Agreed-Upon Procedures Engagements."
5. Auditing Standard (600) (Revised): "Special Considerations - Audits of Group Financial Statements (Including the Work of Component Auditors)."
Additionally, this version includes amendments for consistency arising from quality management standards across all auditing, review, and other assurance and related services standards.
It is worth mentioning that SOCPA, represented by the Auditing Standards Committee, had previously approved all updates to these standards, published them on its website, and notified its key members.
SOCPA encourages all users to continuously follow its website for the latest version of the standards and their