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

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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

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Respondents are requested to use the above Response Template to submit their comments.

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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

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