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

DOWNLOAD PDF (365K)

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

DOWNLOAD DOC (48K)

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

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