International Standard on Auditing 220 (Revised), Quality Management for an Audit of Financial Statements
IAASB
Dec 17, 2020 | Handbooks, Standards, and Pronouncements
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ISA 220 (Revised) deals with the engagement partner and engagement team’s responsibilities for quality management for an audit of financial statements. The revised standard modernizes the approach to quality management and requires the engagement partner and engagement team to be proactive in managing and achieving quality.
ISA 220 (Revised) is effective for audits of financial statements for periods beginning on or after December 15, 2022.
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Related Resources
- 2018 Handbook of International Quality Control, Auditing, Review, Other Assurance, and Related Services Pronouncements
- 2020 Handbook of International Quality Control, Auditing, Review, Other Assurance, and Related Services Pronouncements
- Conforming and Consequential Amendments to the IAASB’s Other Standards as a Result of the New and Revised Quality Management Standards
- International Standard on Auditing 600 (Revised), Special Considerations—Audits of Group Financial Statements (Including the Work of Component Auditors)
- 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
