MoCI Seminar Focuses on Enhancing Quality Management in Auditing

The Ministry of Commerce and Industry (MoCI) has organised a specialised seminar on enhancing quality management in the auditing profession.

Held at the ministry's premises with the participation of registered auditors, the seminar aimed to bolster their understanding of the latest updates to quality management standards in the auditing profession and to raise awareness of the practical applications of these standards, thereby contributing to enhancing the quality of auditing work and ensuring strict compliance with professional and regulatory requirements, in accordance with best practices.

This event was part of MoCI's steadfast efforts to advance this profession, as regulated by Law No 8 of 2020, through backing auditors' capabilities and enhancing their performance to ensure accurate and reliable financial reports.

The seminar featured the International Standard on Quality Management (ISQM 1), which aims to enhance the efficiency of audit processes and emphasises the importance of quality management within auditing and assurance firms, whether regarding financial statement audits or assurance and related services, including engagement quality reviews.

In addition, the seminar emphasised that it is important for auditing firms to establish integrated quality management systems, pursue a constant optimisation approach, and implement a monitoring mechanism as a key enabler of success, through quality standards impacting the quality of audit services and their role in building client trust and enhancing firms' presence and credibility in the market.

The seminar concluded with an interactive panel discussion, during which experts answered the participants' questions, reviewing methods of navigating key challenges they might encounter when applying these standards, thereby fostering the quality of auditing processes and adherence to international standards.