Exposure Draft, International Standard on Quality Management 2, Engagement Quality Reviews
IAASB
Feb 08, 2019 | Exposure Drafts and Consultation Papers
33 Pages
English
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Comments due by: Jul 01, 2019
To ensure that engagement quality reviews continue to be robust and effectively support high-quality audits and other engagements, the IAASB has proposed various enhancements to engagement quality reviews. This includes a new proposed standard on engagement quality reviews that includes enhancements regarding:
- The eligibility criteria to perform the engagement quality review; and
- The engagement quality reviewer’s performance and documentation.
The requirements addressing the selection of engagements for review have also been strengthened and are included in Exposure Draft, ISQM 1, Quality Management for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements.
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 Auditing 220 (Revised), Quality Management for an Audit of Financial Statements
- Want to learn more? Visit our Quality Management homepage
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Submitted Comment Letters
1. Australasian Council of Auditors-General (Australia)
June 11, 2019
2. California Society of CPAs (United States)
June 26, 2019
3. Hong Kong Institute of Certified Public Accountants (Hong Kong (Special Administrative Region of China))
June 26, 2019
4. Office of the Auditor General of Alberta (Canada)
June 28, 2019
5. KICPA (Korea, Republic of)
June 28, 2019
6. Vera Massarygina (Russian Federation)
June 28, 2019
7. ICAS (United Kingdom)
June 28, 2019
8. Comision Interamericana de Control de Calidad de la AIC (Dominican Republic)
June 28, 2019
9. Comite Control de Calidad del ICPARD (Dominican Republic)
June 28, 2019
10. Ernst & Young Global Limited
June 29, 2019
11. Canadian Auditing and Assurance Standards Board
June 29, 2019
12. New Zealand Auditing and Assurance Standards Board
June 30, 2019
13. Government Accountability Office
July 1, 2019
14. Malaysian Institute of Accountants (Malaysia)
July 1, 2019
15. Wirtschaftsprüferkammer (Germany)
July 1, 2019
16. Instituto Mexicano de Contadores Públicos, A.C. (Mexico)
July 1, 2019
17. PwC
July 1, 2019
18. KPMG IFRG Limited
July 1, 2019
19. National Audit Office of Malta
July 1, 2019
20. Training and Advisory Services & Chartered Accountants Academy (Zimbabwe)
July 1, 2019
21. PKF International Limited
July 1, 2019
22. The Japanese Institute of Certified Public Accountants (Japan)
July 1, 2019
23. Deloitte Touche Tohmatsu Limited
July 1, 2019
24. The Malaysian Institute of Certified Public Accountants (Malaysia)
July 1, 2019
25. Botswana Institute of Chartered Accountants (Botswana)
July 1, 2019
26. BDO (United Kingdom)
July 1, 2019
27. Haysmacintyre LLP (United Kingdom)
July 1, 2019
28. ETY sas
July 1, 2019
29. Moore Stephens International
July 1, 2019
30. PKF South Africa (South Africa)
July 1, 2019
31. RSM
July 1, 2019
32. Conselho Federal de Contabilidade - Federal Accounting Council – CFC (Brazil)
July 1, 2019
33. Chartered Accountants Australia and New Zealand (CA ANZ) and the Association of Chartered Certified Accountants (ACCA)
July 1, 2019
34. Australian Auditing and Assurance Standards Board (AUASB) (Australia)
July 1, 2019
35. FAR (Sweden)
July 1, 2019
36. Grant Thornton International Limited
July 1, 2019
37. Kammer der Steuerberater und Wirtschaftsprüfer (KSW) (Austria)
July 1, 2019
38. Independent Regulatory Board for Auditors
July 1, 2019
39. Instituto de Censores Jurados de Cuentas de España (Spain)
July 1, 2019
40. ICAEW
July 1, 2019
41. ISCA (Singapore)
July 1, 2019
42. Illinois CPA Society (United States)
July 1, 2019
43. Institut des Experts-comptables et des Conseils Fiscaux – Instituut Van de Accountants en de Belastingconsulenten (Belgium)
July 1, 2019
44. IFAC SMP Committee
July 3, 2019
45. Duncan & Toplis Limited (United Kingdom)
July 3, 2019
46. Provincial Auditor Saskatchewan (Canada)
July 3, 2019
47. MNP LLP
July 3, 2019
48. FEDERACIÓN ARGENTINA DE CONSEJOS PROFESIONALES DE CIENCIAS ECONÓMICAS (Argentina)
July 3, 2019
49. INTOSAI Professional Standards Committee
July 4, 2019
50. FSR - Danish Auditors (Denmark)
July 4, 2019
51. CPA Australia
July 5, 2019
52. Accountancy Europe
July 5, 2019
53. Chartered Accountants Ireland (Ireland)
July 5, 2019
54. NEXIA INTERNATIONAL
July 5, 2019
55. Belgian Institute of Registered Auditors (IBR-IRE) (Belgium)
July 5, 2019
56. Royal NBA, the Netherlands Institute of Chartered Accountants (Netherlands)
July 5, 2019
57. Crowe Global
July 8, 2019
58. Accounting Professional & Ethical Standards Board (Australia)
July 8, 2019
59. Institute of Certified Public Accountants of Uganda (Uganda)
July 8, 2019
60. CAS INTERNATIONAL (Malaysia)
July 8, 2019
61. Center for Audit Quality
July 8, 2019
62. Auditor General of South Africa (South Africa)
July 8, 2019
63. International Association of Insurance Supervisors
July 8, 2019
64. Nordic Federation of Public Accountants
July 8, 2019
65. IAASA (Ireland)
July 8, 2019
66. Financial Reporting Council (United Kingdom)
July 8, 2019
67. International Forum of Independent Audit Regulators
July 8, 2019
68. The Institute of Chartered Accountants of Pakistan (Pakistan)
July 8, 2019
69. Nexia Smith & Williamson (United Kingdom)
July 8, 2019
70. AICPA
July 8, 2019
71. Basel Committee on Banking Supervision
July 8, 2019
72. Baker Tilly International
July 8, 2019
73. Institut der Wirtschaftspruefer in Deutschland e.V. (IDW) (Germany)
July 9, 2019
74. Compagnie Nationale des Commissaires aux Comptes (France)
July 10, 2019
75. NASBA (United States)
July 10, 2019
76. Baker Tilly Virchow Krause, LLP (United States)
July 10, 2019
77. Mazars USA LLP (United States)
July 10, 2019
78. Office of the Auditor-General (New Zealand) (New Zealand)
July 10, 2019
79. Office of the Auditor General of Canada (Canada)
July 10, 2019
80. Canadian Public Accountability Board
July 10, 2019
81. South African Institute of Chartered Accountants (SAICA) (South Africa)
July 10, 2019
82. International Corporate Governance Network
July 10, 2019
83. Swedish National Audit Office (Sweden)
July 10, 2019
84. Kreston International
July 10, 2019
85. MAZARS (France)
July 10, 2019
86. SRO AAS (Russian Federation)
July 10, 2019
87. Ibracon - Instituto dos Auditores Independentes do Brasil (Brazil)
July 19, 2019
88. International Organization of Securities Commissions
July 22, 2019
89. The Chinese Institute of Certified Public Accountants (China)
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
- IAASB Communique: Audits of Less Complex Entities
- ISA 540 (Revised) Implementation: Illustrative Examples for Auditing Simple and Complex Accounting Estimates
- International Standard on Quality Management (ISQM) 1, Quality Management for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements
- Introducing the Quality Management Standards