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Audit Quality – AASB

Date recorded:

At its meeting on June 11-12, 2018, the AASB provided input to the CPA Canada nominee on issues related to the IAASB’s project to revise ISQC 1 and ISA 220, including: (i) the firm’s risk assessment process and how it is applied to the components of the firm’s system of quality management; (ii) the monitoring and remediation process, including how practitioners from smaller firms could implement the requirements; (iii) the proposed ordering of components in the standard; (iv) definitions of engagement partner and engagement team; leadership responsibilities, including need for the engagement partner to be actively involved in the engagement; and (v) engagement performance, including direction, supervision and review. The IAASB is expected to approve an exposure draft to revise ISQC 1 in September 2018 and ISA 220 in December 2018. The Board would approve Canadian exposure drafts shortly thereafter. The Board will continue to discuss these and other issues at future meetings.

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

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