The revised standard becomes effective for audits of financial statements beginning on or after 15 December 2022.  This standard emphasizes on the importance of the engagement leader role in the delivery of audit quality throughout the audit.  The standard aims at moving away from the idea of sending out staff to the field for the engagement leader only to be involved in the planning and final review.  In conjunction with the two new firm-level quality management standards ISQM 1 and ISQM 2 the audit effort should increase to secure audit value to the clients and users of the financial statements.


Mario P Galea is a certified public accountant holding a warrant to practice both as an accountant and as an auditor.  Currently practising as a business advisor providing governance oversight and advisory services to businesses and corporations.  Serves as an independent non-executive director on the boards and audit committees of various listed companies in the financial and commercial sectors.  Mentor and advisor to family businesses. Founder, managing partner and chairman of accountancy and audit firm EY in Malta until retirement in 2012.  Specialised in auditing and assurance which he has practiced for 35 years in Malta and abroad.  Lectured in auditing, assurance and professional and business ethics and led several training courses.  Speaker at various business and professional conferences in Malta and abroad.  Assisted businesses in several areas particularly relating to governance, accounting and systems of control.  Served as President of the Malta Institute of Accountants and for many years formed part of the Accountancy Board which is the accountancy profession regulator in Malta.  Served on various professional committees in Malta and abroad such as the council of the Federation des Experts Comptables (FEE) in Brussels (now Accountancy Europe).  Member of the Ethics and Regulatory committees of the Malta Institute of Accountants in Malta.