Exposure Draft, 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 International Standard on Quality Control 1
IAASB
Feb 08, 2019 | Exposure Drafts and Consultation Papers
136 Pages
English
All available Translations: French Spanish-Latin America
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Comments due by: Jul 01, 2019
To ensure that firms’ systems continue to be robust and effectively support high-quality audits and other engagements, the IAASB has proposed various enhancements to address firms’ systems of quality management, previously known as systems of quality control. This Exposure Draft includes a new proactive risk-based approach to an effective system of quality management that establishes the foundation for consistent engagement quality.
Other enhancements include:
- Increasing firm leadership responsibilities and accountability, and improving firm governance;
- Modernizing the standard for an evolving and increasingly complex environment, including addressing the impact of technology, networks, and use of external service providers; and
- More rigorous monitoring of quality management systems and remediating deficiencies.
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 2, Engagement Quality Reviews
- Proposed International Standard on Auditing 220 (Revised), Quality Management for an Audit of Financial Statements
- Want to learn more? Visit our Quality Management homepage
Copyright © 2023 The International Federation of Accountants (IFAC). All rights reserved.
Submitted Comment Letters
1. Provincial Auditor Saskatchewan (Canada)
June 10, 2019
2. Australasian Council of Auditors-General (Australia)
June 11, 2019
3. California Society of CPAs (United States)
June 26, 2019
4. Hong Kong Institute of Certified Public Accountants (Hong Kong (Special Administrative Region of China))
June 26, 2019
5. Office of the Auditor General of Alberta (Canada)
June 28, 2019
6. KICPA (Korea, Republic of)
June 28, 2019
7. Suomen Tilintarkastajat ry (Finland)
June 28, 2019
8. Vera Massarygina (Russian Federation)
June 28, 2019
9. Belgian Institute of Registered Auditors (IBR-IRE) (Belgium)
June 28, 2019
10. ICAS (United Kingdom)
June 28, 2019
11. MGI Worldwide
June 28, 2019
12. Comision Interamericana de Control de Calidad de la AIC (Dominican Republic)
June 28, 2019
13. Comite Control de Calidad del ICPARD (Dominican Republic)
June 28, 2019
14. Ernst & Young Global Limited
June 29, 2019
15. Canadian Auditing and Assurance Standards Board
June 29, 2019
16. New Zealand Auditing and Assurance Standards Board
June 30, 2019
17. Government Accountability Office
July 1, 2019
18. Accounting Professional & Ethical Standards Board (Australia)
July 1, 2019
19. Malaysian Institute of Accountants (Malaysia)
July 1, 2019
20. Wirtschaftsprüferkammer (Germany)
July 1, 2019
21. Instituto Mexicano de Contadores Públicos, A.C. (Mexico)
July 1, 2019
22. Training and Advisory Services & Chartered Accountants Academy (Zimbabwe)
July 1, 2019
23. MAZARS (France)
July 1, 2019
24. National Audit Office of Malta
July 1, 2019
25. KPMG IFRG Limited
July 1, 2019
26. The Japanese Institute of Certified Public Accountants (Japan)
July 1, 2019
27. PKF International Limited
July 1, 2019
28. Deloitte Touche Tohmatsu Limited
July 1, 2019
29. The Malaysian Institute of Certified Public Accountants (Malaysia)
July 1, 2019
30. NASBA (United States)
July 1, 2019
31. BDO (United Kingdom)
July 1, 2019
32. Haysmacintyre LLP (United Kingdom)
July 1, 2019
33. SRA (Netherlands)
July 1, 2019
34. ETY sas
July 1, 2019
35. Moore Stephens International
July 1, 2019
36. PKF South Africa (South Africa)
July 1, 2019
37. RSM
July 1, 2019
38. International Association of Insurance Supervisors
July 1, 2019
39. Conselho Federal de Contabilidade - Federal Accounting Council – CFC (Brazil)
July 1, 2019
40. Chartered Accountants Australia and New Zealand (CA ANZ) and the Association of Chartered Certified Accountants (ACCA)
July 1, 2019
41. Australian Auditing and Assurance Standards Board (AUASB) (Australia)
July 1, 2019
42. FAR (Sweden)
July 1, 2019
43. Grant Thornton International Limited
July 1, 2019
44. Kammer der Steuerberater und Wirtschaftsprüfer (KSW) (Austria)
July 1, 2019
45. Independent Regulatory Board for Auditors
July 1, 2019
46. Instituto de Censores Jurados de Cuentas de España (Spain)
July 1, 2019
47. ICAEW
July 1, 2019
48. ISCA (Singapore)
July 1, 2019
49. Illinois CPA Society (United States)
July 1, 2019
50. Institut des Experts-comptables et des Conseils Fiscaux – Instituut Van de Accountants en de Belastingconsulenten (Belgium)
July 1, 2019
51. RICS
July 1, 2019
52. Crowe Global
July 1, 2019
53. The Institute of Chartered Accountants of Sri Lanka (Sri Lanka)
July 2, 2019
54. Canadian Public Accountability Board
July 2, 2019
55. Office of the Auditor General of Canada (Canada)
July 2, 2019
56. UNSW Sydney - Auditing and Assurance Research Network
July 2, 2019
57. IFAC SMP Committee
July 3, 2019
58. Duncan & Toplis Limited (United Kingdom)
July 3, 2019
59. MNP LLP
July 3, 2019
60. PwC
July 3, 2019
61. INTOSAI Professional Standards Committee
July 4, 2019
62. FSR - Danish Auditors (Denmark)
July 4, 2019
63. CPA Australia
July 5, 2019
64. Accountancy Europe
July 5, 2019
65. Chartered Accountants Ireland (Ireland)
July 5, 2019
66. NEXIA INTERNATIONAL
July 5, 2019
67. Corporate Reporting Users' Forum(CRUF)
July 5, 2019
68. Royal NBA, the Netherlands Institute of Chartered Accountants (Netherlands)
July 5, 2019
69. Shady Fouad Ahmed Mehelba (Saudi Arabia)
July 8, 2019
70. Institute of Certified Public Accountants of Uganda (Uganda)
July 8, 2019
71. CAS INTERNATIONAL (Malaysia)
July 8, 2019
72. Consiglio Nazionale dei Dottori Commercialisti e degli Esperti Contabili (CNDCEC) (Italy)
July 8, 2019
73. Center for Audit Quality
July 8, 2019
74. Auditor General of South Africa (South Africa)
July 8, 2019
75. Nordic Federation of Public Accountants
July 8, 2019
76. IAASA (Ireland)
July 8, 2019
77. Financial Reporting Council (United Kingdom)
July 8, 2019
78. International Forum of Independent Audit Regulators
July 8, 2019
79. The Institute of Chartered Accountants of Pakistan (Pakistan)
July 8, 2019
80. Nexia Smith & Williamson (United Kingdom)
July 8, 2019
81. AICPA
July 8, 2019
82. Basel Committee on Banking Supervision
July 8, 2019
83. Baker Tilly International
July 8, 2019
84. Institut der Wirtschaftspruefer in Deutschland e.V. (IDW) (Germany)
July 9, 2019
85. Compagnie Nationale des Commissaires aux Comptes (France)
July 10, 2019
86. Baker Tilly Virchow Krause, LLP (United States)
July 10, 2019
87. Mazars USA LLP (United States)
July 10, 2019
88. Office of the Auditor-General (New Zealand) (New Zealand)
July 10, 2019
89. South African Institute of Chartered Accountants (SAICA) (South Africa)
July 10, 2019
90. International Corporate Governance Network
July 10, 2019
91. European Federation of Accountants and Auditors for SMEs
July 10, 2019
92. Swedish National Audit Office (Sweden)
July 10, 2019
93. Kreston International
July 10, 2019
94. SRO AAS (Russian Federation)
July 10, 2019
95. International Organization of Securities Commissions
July 17, 2019
96. Ibracon - Instituto dos Auditores Independentes do Brasil (Brazil)
July 19, 2019
97. The Chinese Institute of Certified Public Accountants (China)
July 22, 2019
98. EXPERTsuisse
August 6, 2019
99. New York State Society of Certified Public Accountants (United States)
August 6, 2019
100. 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