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Group Audits and Quality Control - AASB

Date recorded:

At its meeting on June 12-13, 2017, the AASB provided input to the CPA Canada nominee on the IAASB on issues related to the IAASB’s project to revise ISA 600, Special Considerations – Audits of Group Financial Statements (Including the Work of Component Auditors). Issues discussed included the scope of ISA 600 and group audit issues that are dependent upon other IAASB projects currently in progress.

The AASB also provided input to the CPA Canada nominee on the IAASB on issues related to the IAASB’s project to revise ISQC 1, International Standard on 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 need for further considerations for small and medium-sized practitioners in the proposed revisions; potential challenge of setting out the public interest role of firms in the standard; how the proposed components of quality management and, in particular, the quality management process, would be applied in practice; and need for a more a principles-based approach in making revisions.

Key issues discussed relating to ISA 220 included the interaction of ISA 220 with ISQC 1 and other relevant ISAs; objective of the auditor under ISA 220; four-step approach proposed by the IAASB Task Force in addressing quality management at the engagement level; and impact of a proposed requirement regarding information sharing and communication between the firm and the engagement team.

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

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