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
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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


 

Copyright © 2019 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

 

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