This includes a revision of the International Standard on Quality Management (UK) 1, which covers the quality management of firms that perform audits or reviews of financial statements.
In a statement, the regulator said: “These standards introduce a new quality management approach that is focused on proactively identifying and responding to risks to quality.
“This new approach requires a firm to customise the design, implementation and operation of its system of quality management based on the nature and circumstances of the firm, using an integrated approach that reflects upon the quality management system as a whole.”
It added: “The standards are effective for audits of financial statements for periods beginning on or after 15 December 2022. Early adoption of the revised standards is strongly encouraged.”