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Issued Document
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Responses
Summary
The IAASB commenced its initial information gathering on the topic of quality control in June 2014 with a Working Group being formed in October 2014. The issues identified and discussed at the IAASB meetings are part of the Invitation to Comment on Enhancing Audit Quality in the Public Interest which was issued in December 2015. The Working Group will use the comments received on the Invitation to Comment as a basis for the project proposal which is scheduled to be discussed in December 2016.**
** Together with the ISQC 1-Quality Control at the Firm Level, ISA 600-Group Audits and Professional Skepticism projects, this project is part of the Audit Quality Enhancements Coordination Group (AQECG). The AQECG intends to coordinate the various inputs to the invitation to comment developed at the individual working group level, and take a holistic approach as to how the matters are presented in one invitation to comment.
Board Papers
CAG Papers
Other
Board Minutes
CAG Minutes
Issued Document
Proposed International Standard on Auditing 220 (Revised), Quality Management for an Audit of Financial Statements
Summary
MEETING HIGHLIGHTS - DECEMBER 2018
The Board discussed the requirements that address firm policies or procedures, the role of the engagement partner vis-à-vis other members of the engagement team and the difference between the usages of the phrases “the auditor shall determine” and “the auditor shall be satisfied.” The Board also discussed how best to clarify the requirement addressing communications from the firm about the firm’s monitoring and remediation process.
After making amendments in response to the Board’s comments received during the meeting, the Board approved the proposed Exposure Draft for public exposure. The ED will be issued in early February 2019 for comment by July 1, 2019.
Board Papers
September 2019 December 2019
CAG Papers
September 2019
Summary
MEETING HIGHLIGHTS - DECEMBER 2019
The Board generally supported the ISA 220 Task Force’s proposals to clarify the engagement team definition, to make clear that the engagement team can ordinarily depend on the firm’s system of quality management, and to better deal with large, complex audit engagements. The Board also discussed professional skepticism, the stand-back provision and the documentation requirements.
The ISA 220 Task Force will consider the comments received in preparing a revised full draft of proposed ISA 2202 for discussion at the March 2020 IAASB meeting.
