UK: FRC publishes revised quality management standards for auditors

The Financial Reporting Council has published three revised quality management standards covering audit firm responsibilities in respect of the design, inplementation and operation of quality management systems: see here. The individual standards are available here (pdf), here (pdf) and here (pdf). The feedback statement and impact assessment, which cover all three standards, can be found here (pdf). The standards are based on those approved by the International Auditing and Assurance Standards Board last year: see here.