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Quality Management – AASB

Date recorded:

At its meeting on September 9-10, 2019, the AASB provided input to the IAASB members from Canada on issues related to the feedback received on the IAASB’s Exposure Drafts for quality management at the firm and engagement level, including engagement quality reviews. The AASB discussed the following key issues:

  1. whether the IAASB should issue a survey and conduct additional outreach on the possibility of developing a separate quality management standard for related service engagements;
  2. developing higher-level quality objectives to enhance scalability in proposed ISQM 1, adding risk considerations and clarifying required responses to assessed risks;
  3. removing the concept of entities with “significant public interest” in proposed ISQM 2;
  4. including component auditors in the definition of engagement team in proposed ISA 220 and;
  5. clarifying the requirements in proposed ISA 220 that must be performed by the engagement partner and those where other members of the engagement team can assist the engagement partner.

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

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