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

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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

DOWNLOAD PDF (495K)

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

DOWNLOAD DOC (39K)

Copyright © 2019 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

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