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Quality Control - AASB

Date recorded:

At its meeting on December 4-5, 2017, the AASB provided input to the CPA Canada nominee on the IAASB on issues related to the IAASB’s project to revise ISQC 1, Quality Control for Firms that Perform Audits and Reviews of Financial Statements, and Other Assurance and Related Services Engagements and ISA 220, Quality Control for an Audit of Financial Statements.

Key issues discussed relating to ISQC 1 included:

  • the scalability of the standard;
  • the overall length of the standard, including whether certain application material could be removed;
  • responsibilities for independence; and
  • the robustness of the proposed changes and whether they address key public interest issues identified in the IAASB’s Invitation to Comment, “Enhancing Audit Quality in the Public Interest – A Focus on Professional Skepticism, Quality Control and Group Audits.”

Key issues discussed relating to ISA 220 included:

  • the proposed objective of the standard;
  • requirements related to engagement acceptance and continuance;
  • requirements related to use of resources; and
  • requirements regarding the sufficient and appropriate involvement of the engagement partner.

Review the executive summary on the AASB's Web site.

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