The IAASB’s Exposure Drafts for Quality Management at the Firm and Engagement Level, Including Engagement Quality Reviews
Overall Explanatory Memorandum
IAASB
Feb 08, 2019 | Exposure Drafts and Consultation Papers
41 Pages
English
All available Translations: French
In Progress Translations: Spanish
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Comments due by: Jul 01, 2019
The IAASB is seeking public comment on three interrelated standards that address quality management. The proposals change the way professional accountancy firms are expected to manage quality—for audits, reviews, and other assurance and related services engagements.
This memorandum explains the significant issues common to the three exposure drafts. It also gives details about the proposed effective dates and implementation periods. This memorandum should be read in conjunction with the explanatory memorandums for each of the three proposed standards.
Respondents are asked to respond separately to this overall explanatory memorandum and each of the exposure drafts. 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
- 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 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 © 2021 The International Federation of Accountants (IFAC). All rights reserved.
Submitted Comment Letters
1. Duncan & Toplis Limited (United Kingdom)
May 21, 2019
2. Provincial Auditor Saskatchewan (Canada)
June 10, 2019
3. MNP LLP
June 25, 2019
4. Hong Kong Institute of Certified Public Accountants (Hong Kong (Special Administrative Region of China))
June 26, 2019
5. Chartered Accountants Ireland (Ireland)
June 27, 2019
6. CPA Australia
June 27, 2019
7. Office of the Auditor General of Alberta (Canada)
June 28, 2019
8. AICPA
June 28, 2019
9. KICPA (Korea, Republic of)
June 28, 2019
10. ICAS (United Kingdom)
June 28, 2019
11. Nexia Smith & Williamson (United Kingdom)
June 28, 2019
12. Ernst & Young Global Limited
June 29, 2019
13. Canadian Auditing and Assurance Standards Board
June 29, 2019
14. New Zealand Auditing and Assurance Standards Board
June 30, 2019
15. Malaysian Institute of Accountants (Malaysia)
July 1, 2019
16. Wirtschaftsprüferkammer (Germany)
July 1, 2019
17. Instituto Mexicano de Contadores Públicos, A.C. (Mexico)
July 1, 2019
18. National Audit Office of Malta
July 1, 2019
19. Institute of Certified Public Accountants of Uganda (Uganda)
July 1, 2019
20. The Japanese Institute of Certified Public Accountants (Japan)
July 1, 2019
21. PKF International Limited
July 1, 2019
22. Deloitte Touche Tohmatsu Limited
July 1, 2019
23. The Malaysian Institute of Certified Public Accountants (Malaysia)
July 1, 2019
24. Baker Tilly Virchow Krause, LLP (United States)
July 1, 2019
25. Mazars USA LLP (United States)
July 1, 2019
26. BDO (United Kingdom)
July 1, 2019
27. Consiglio Nazionale dei Dottori Commercialisti e degli Esperti Contabili (CNDCEC) (Italy)
July 1, 2019
28. Haysmacintyre LLP (United Kingdom)
July 1, 2019
29. Center for Audit Quality
July 1, 2019
30. Moore Stephens International
July 1, 2019
31. RSM International Limited
July 1, 2019
32. Nordic Federation of Public Accountants
July 1, 2019
33. Australian Auditing and Assurance Standards Board (AUASB) (Australia)
July 1, 2019
34. FAR (Sweden)
July 1, 2019
35. Grant Thornton International Limited
July 1, 2019
36. Kammer der Steuerberater und Wirtschaftsprüfer (KSW) (Austria)
July 1, 2019
37. Independent Regulatory Board for Auditors
July 1, 2019
38. IAASA (Ireland)
July 1, 2019
39. Office of the Auditor-General (New Zealand) (New Zealand)
July 1, 2019
40. ICAEW
July 1, 2019
41. Illinois CPA Society (United States)
July 1, 2019
42. Kreston International
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. California Society of CPAs (United States)
July 3, 2019
46. European Federation of Accountants and Auditors for SMEs
July 4, 2019
47. International Corporate Governance Network
July 4, 2019
48. FSR - Danish Auditors (Denmark)
July 4, 2019
49. Accountancy Europe
July 5, 2019
50. NEXIA INTERNATIONAL
July 5, 2019
51. Belgian Institute of Registered Auditors (IBR-IRE) (Belgium)
July 5, 2019
52. Royal NBA, the Netherlands Institute of Chartered Accountants (Netherlands)
July 5, 2019
53. Crowe Global
July 8, 2019
54. Accounting Professional & Ethical Standards Board (Australia)
July 8, 2019
55. CAS INTERNATIONAL (Malaysia)
July 8, 2019
56. SRA (Netherlands)
July 8, 2019
57. Auditor General of South Africa (South Africa)
July 8, 2019
58. International Association of Insurance Supervisors
July 8, 2019
59. Financial Reporting Council (United Kingdom)
July 8, 2019
60. International Forum of Independent Audit Regulators
July 8, 2019
61. Suomen Tilintarkastajat ry (Finland)
July 8, 2019
62. Basel Committee on Banking Supervision
July 8, 2019
63. Baker Tilly International
July 8, 2019
64. Compagnie Nationale des Commissaires aux Comptes (France)
July 10, 2019
65. NASBA (United States)
July 10, 2019
66. ETY sas
July 10, 2019
67. Canadian Public Accountability Board
July 10, 2019
68. South African Institute of Chartered Accountants (SAICA) (South Africa)
July 10, 2019
69. Government Accountability Office
July 10, 2019
70. PwC
July 10, 2019
71. MAZARS (France)
July 10, 2019
72. International Organization of Securities Commissions
July 22, 2019
73. The Chinese Institute of Certified Public Accountants (China)
July 22, 2019
74. KPMG IFRG Limited
July 22, 2019
75. EXPERTsuisse
August 6, 2019
76. 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