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

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.

 


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