Quality Management at Engagement Level - ISA 220

Objective

The objectives of the project are to:

(a)   Propose revisions to ISA 220 to strengthen aspects of quality management for individual engagements by focusing on the identification, assessment and response to quality risks in a broad range of engagement circumstances.

(b)   Propose consequential amendments to other standards that may be necessary as a result of revisions to ISA 220.

(c)   Determine whether non-authoritative guidance and support tools should be developed by the IAASB or others to supplement the revisions or new standard(s).

PROJECT CONTACT

TASK FORCE

Project Stages

Board Papers

September 2019 December 2019 March 2020 April 2020 June 2020

Board Minutes

September 2019 December 2019

CAG Papers

September 2019 March 2020

CAG Minutes

September 2020

Summary
MEETING HIGHLIGHTS - MARCH AND APRIL 2020

March

The IAASB discussed a draft of proposed ISA 220 (Revised). The IAASB discussed the guidance on the engagement team and how the requirements between those that are the sole responsibility of the engagement partner and those which the engagement partner is permitted to assign to another engagement team member are distinguished. The IAASB also discussed a illustrative example that was prepared by the Task Force to show that the proposed requirements are appropriate for larger, more complex engagements. 

April

The Board discussed clarifications to distinguish requirements that are the sole responsibility of the engagement partner and those the engagement partner is permitted to assign to another engagement team member and the meaning of “resources made available by the firm” in the case of engagement team members who are external to the firm, among other matters.

The ISA 220 Task Force will present issues in June 2020 and present a full draft of the final standard for approval at the September 2020 IAASB meeting.

 

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