Quality Management and Group Audits: Highlighting Certain Aspects of Interaction Between ISA 220 (Revised) and ISA 600
Fact Sheet
IAASB
Dec 15, 2022 | Guidance & Support Tools
English
All available Translations: Polish
In Progress Translations: Japanese
This fact sheet focuses on the interactions between International Standard on Auditing (ISA) 220 (Revised) on quality management at the engagement level and ISA 600 on group audits. It highlights aspects of a group audit that may be affected by ISA 220 (Revised) and International Standard on Quality Management (ISQM) 1. This includes the revised definition of engagement team and leadership and direction, supervision, and review responsibilities.
Effective Dates
ISA 220 (Revised) is effective for audits of financial statements for periods beginning on or after December 15, 2022 and ISQM 1 is effective from December 15, 2022. ISA 600 (Revised) is effective for group audits beginning on or after December 15th, 2023.
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Related Resources
- 2018 Handbook of International Quality Control, Auditing, Review, Other Assurance, and Related Services Pronouncements
- 2021 Handbook of International Quality Control, Auditing, Review, Other Assurance, and Related Services Pronouncements
- Proposed International Standard on Auditing 500 (Revised), Audit Evidence, and Proposed Conforming and Consequential Amendments to Other ISAs
- Proposed Part 10, Audits of Group Financial Statements of the Proposed ISA for Audits of Financial Statements of Less Complex Entities
- Reporting Going Concern Matters in the Auditor's Report
