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Quality Control - AASB

Date recorded:

At its meeting on March 5-6, 2018, the AASB provided input to the CPA Canada nominee on the IAASB on issues related to the IAASB’s project to revise International Standard on Quality Control (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:

  • the components of firm culture that impact quality;
  • the proposed ordering of components in the standard;
  • the monitoring and remediation process, including how practitioners from smaller firms could implement the requirements;
  • requirements addressing the firm’s technology, including whether technology developed by the firm or obtained from an external provider contributes to quality of services the firm provides; and
  • the overall length of the standard, including whether certain appendix material could be removed.

The IAASB is expected to approve an exposure draft of ISQC 1 in September 2018. The Board will approve a Canadian exposure draft shortly thereafter. The Board also discussed whether it should conduct targeted stakeholder outreach before the exposure draft is released to identify and discuss Canadian specific issues. 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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