Exposure Draft, International Standard on Auditing 220 (Revised), Quality Management for an Audit of Financial Statements
IAASB
Feb 08, 2019 | Exposure Drafts and Consultation Papers
55 Pages
English
All available Translations: Spanish-Latin America
In Progress Translations: French
Don't see your language? Request permission to translate
Comments due by: Jul 01, 2019
Proposed ISA 220 (Revised) will improve the management of quality at the engagement level for audits of financial statements. It contains enhanced and revised requirements and guidance to:
- Highlight the importance of the public interest role of audits, and improve the emphasis on the importance of the appropriate application of professional judgment and exercise of professional skepticism;
- Clarify the role and responsibilities of the engagement partner, particularly the required involvement of the engagement partner throughout the audit, and retain the emphasis on the engagement partner’s responsibility for managing and achieving quality at the engagement level;
- Modernize ISA 220 for an evolving environment, including changes in audit delivery models and the use of technology; and
- Clarify the relationship between ISA 220 and the International Standards on Quality Control/Management, including additional clarification of the engagement partner’s and engagement team’s interaction with the firm, and the engagement team’s ability to depend on the firm’s quality management policies or procedures.
This memorandum should be read in conjunction with the overall explanatory memorandum, The IAASB’s Exposure Drafts for Quality Management at the Firm and Engagement Level, Including Engagement Quality Reviews.
Respondents are asked to respond separately to each of the exposure drafts and the overall explanatory memorandum. We request that comment letters do not include tables as they are incompatible with the software we use to help analyze respondents’ comments.
Exposure Drafts
- Overall Explanatory Memorandum, The IAASB’s Exposure Drafts for Quality Management at the Firm and Engagement Level, Including Engagement Quality Reviews
- Proposed International Standard on Quality Management 1, Quality Management for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements (previously ISQC 1)
- Proposed International Standard on Quality Management 2, Engagement Quality Reviews
- Want to learn more? Visit our Quality Management homepage
Copyright © 2023 The International Federation of Accountants (IFAC). All rights reserved.
Submitted Comment Letters
1. Alvaro Fonseca Vivas
February 9, 2019
2. Provincial Auditor Saskatchewan (Canada)
June 10, 2019
3. Australasian Council of Auditors-General (Australia)
June 11, 2019
4. Auditing Standards Committee of the American Accounting Association (United States)
June 23, 2019
5. California Society of CPAs (United States)
June 26, 2019
6. Hong Kong Institute of Certified Public Accountants (Hong Kong (Special Administrative Region of China))
June 26, 2019
7. Office of the Auditor General of Alberta (Canada)
June 28, 2019
8. Vera Massarygina (Russian Federation)
June 28, 2019
9. ICAS (United Kingdom)
June 28, 2019
10. MGI Worldwide
June 28, 2019
11. Comision Interamericana de Control de Calidad de la AIC (Dominican Republic)
June 28, 2019
12. Comite Control de Calidad del ICPARD (Dominican Republic)
June 28, 2019
13. Ernst & Young Global Limited
June 29, 2019
14. Canadian Auditing and Assurance Standards Board
June 29, 2019
15. New Zealand Auditing and Assurance Standards Board
June 30, 2019
16. Government Accountability Office
July 1, 2019
17. Malaysian Institute of Accountants (Malaysia)
July 1, 2019
18. Wirtschaftsprüferkammer (Germany)
July 1, 2019
19. Instituto Mexicano de Contadores Públicos, A.C. (Mexico)
July 1, 2019
20. KPMG IFRG Limited
July 1, 2019
21. PwC
July 1, 2019
22. Training and Advisory Services & Chartered Accountants Academy (Zimbabwe)
July 1, 2019
23. National Audit Office of Malta
July 1, 2019
24. The Japanese Institute of Certified Public Accountants (Japan)
July 1, 2019
25. The Malaysian Institute of Certified Public Accountants (Malaysia)
July 1, 2019
26. Deloitte Touche Tohmatsu Limited
July 1, 2019
27. NASBA (United States)
July 1, 2019
28. BDO (United Kingdom)
July 1, 2019
29. Haysmacintyre LLP (United Kingdom)
July 1, 2019
30. ETY sas
July 1, 2019
31. Moore Stephens International
July 1, 2019
32. PKF South Africa (South Africa)
July 1, 2019
33. RSM
July 1, 2019
34. Conselho Federal de Contabilidade - Federal Accounting Council – CFC (Brazil)
July 1, 2019
35. Institute of Chartered Accountants of Pakistan (ICAP) (Pakistan)
July 1, 2019
36. Chartered Accountants Australia and New Zealand (CA ANZ) and the Association of Chartered Certified Accountants (ACCA)
July 1, 2019
37. Australian Auditing and Assurance Standards Board (AUASB) (Australia)
July 1, 2019
38. FAR (Sweden)
July 1, 2019
39. Grant Thornton International Limited
July 1, 2019
40. Kammer der Steuerberater und Wirtschaftsprüfer (KSW) (Austria)
July 1, 2019
41. Independent Regulatory Board for Auditors
July 1, 2019
42. Instituto de Censores Jurados de Cuentas de España (Spain)
July 1, 2019
43. ICAEW
July 1, 2019
44. ISCA (Singapore)
July 1, 2019
45. Illinois CPA Society (United States)
July 1, 2019
46. Institut des Experts-comptables et des Conseils Fiscaux – Instituut Van de Accountants en de Belastingconsulenten (Belgium)
July 1, 2019
47. PKF International Limited
July 2, 2019
48. UNSW Sydney - Auditing and Assurance Research Network
July 2, 2019
49. IFAC SMP Committee
July 3, 2019
50. Duncan & Toplis Limited (United Kingdom)
July 3, 2019
51. MNP LLP
July 3, 2019
52. FSR - Danish Auditors (Denmark)
July 4, 2019
53. CPA Australia
July 5, 2019
54. Accountancy Europe
July 5, 2019
55. Chartered Accountants Ireland (Ireland)
July 5, 2019
56. NEXIA INTERNATIONAL
July 5, 2019
57. Belgian Institute of Registered Auditors (IBR-IRE) (Belgium)
July 5, 2019
58. Royal NBA, the Netherlands Institute of Chartered Accountants (Netherlands)
July 5, 2019
59. Crowe Global
July 8, 2019
60. Institute of Certified Public Accountants of Uganda (Uganda)
July 8, 2019
61. CAS INTERNATIONAL (Malaysia)
July 8, 2019
62. Consiglio Nazionale dei Dottori Commercialisti e degli Esperti Contabili (CNDCEC) (Italy)
July 8, 2019
63. Center for Audit Quality
July 8, 2019
64. Auditor General of South Africa (South Africa)
July 8, 2019
65. International Association of Insurance Supervisors
July 8, 2019
66. Nordic Federation of Public Accountants
July 8, 2019
67. IAASA (Ireland)
July 8, 2019
68. Financial Reporting Council (United Kingdom)
July 8, 2019
69. International Forum of Independent Audit Regulators
July 8, 2019
70. Nexia Smith & Williamson (United Kingdom)
July 8, 2019
71. AICPA
July 8, 2019
72. Suomen Tilintarkastajat ry (Finland)
July 8, 2019
73. Basel Committee on Banking Supervision
July 8, 2019
74. Baker Tilly International
July 8, 2019
75. Institut der Wirtschaftspruefer in Deutschland e.V. (IDW) (Germany)
July 9, 2019
76. Compagnie Nationale des Commissaires aux Comptes (France)
July 10, 2019
77. Baker Tilly Virchow Krause, LLP (United States)
July 10, 2019
78. Mazars USA LLP (United States)
July 10, 2019
79. Office of the Auditor-General (New Zealand) (New Zealand)
July 10, 2019
80. Office of the Auditor General of Canada (Canada)
July 10, 2019
81. Canadian Public Accountability Board
July 10, 2019
82. South African Institute of Chartered Accountants (SAICA) (South Africa)
July 10, 2019
83. International Corporate Governance Network
July 10, 2019
84. Swedish National Audit Office (Sweden)
July 10, 2019
85. Kreston International
July 10, 2019
86. MAZARS (France)
July 10, 2019
87. Ibracon - Instituto dos Auditores Independentes do Brasil (Brazil)
July 19, 2019
88. The Chinese Institute of Certified Public Accountants (China)
July 22, 2019
89. International Organization of Securities Commissions
July 22, 2019
90. EXPERTsuisse
August 6, 2019
91. New York State Society of Certified Public Accountants (United States)
August 6, 2019
92. CEAOB
November 5, 2019
Related Resources
- 2018 Handbook of International Quality Control, Auditing, Review, Other Assurance, and Related Services Pronouncements
- 2021 Handbook of International Quality Control, Auditing, Review, Other Assurance, and Related Services Pronouncements
- Proposed International Standard on Auditing 500 (Revised), Audit Evidence, and Proposed Conforming and Consequential Amendments to Other ISAs
- Proposed Part 10, Audits of Group Financial Statements of the Proposed ISA for Audits of Financial Statements of Less Complex Entities
- Quality Management and Group Audits: Highlighting Certain Aspects of Interaction Between ISA 220 (Revised) and ISA 600