There is an International Quality Management Standard (IQMS 1) that provides guidelines for implementing an effective system in auditing firms. It raises the question of whether this standard will generate benefits and how long it will take to recover the investment. The application of quality management in various assignments is important, expanding its reach beyond traditional audits, according to Dr. David Eyzaguirre Quispe.
The IMCP, the IAASB, and the IFAC provide guidance on the implementation of the IQMS 1 and the standards that must be met. This standard establishes requirements to identify, evaluate, and mitigate risks in audit services, promoting a culture of quality. Complying with the IQMS 1 improves service quality, generating economic benefits in the short term.
The standard is an opportunity for growth for auditing firms in Mexico by strengthening their market position, improving service quality, and building trust. They gain access to profitable and quality projects, competitively positioning themselves. Implementation is challenging, requiring effort, investment, and adaptation to a changing regulatory environment.
Benefits include an increase in the client portfolio, access to national and international quality contracts, and a reduction in legal risks. It also reinforces trust with clients and stakeholders by ensuring reliable and structured audits. Resource use is optimized, improving operational efficiency and attracting new talents and clients.
