Quality Control - AASB

Date recorded:

At its meeting on September 14-15, 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. Key issues discussed included:

  • whether to retain the requirement to have an engagement quality control review for all audits of financial statements of listed entities, or whether such reviews should be required only for audits of general purpose financial statements of listed entities;
  • whether the proposed requirement for the firm to establish policies and procedures to select other engagements to have an engagement quality control review will result in the appropriate selection of high-risk engagements; and
  • the eligibility and appointment of the engagement quality control reviewer, including specific considerations for small and medium-sized practitioners.

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

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