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Group Audits – IAASB

Date recorded:

At its meeting on December 5-9, 2016, Ms. Zietsman provided the Board with an overview of a project proposal for the revision of the IAASB`s ISQC 1, ISA 220, and ISA 600.13. Ms. Zietsman highlighted that discussions with the International Forum of Independent Audit Regulators (IFIAR) Standards Coordination Working Group (SCWG) had taken place, explaining that the key discussion points were largely focused on the responses to the Invitation to Comment, Enhancing Audit Quality in the Public Interest: A Focus on Professional Skepticism, Quality Control and Group Audits. She added that the IFIAR SCWG was supportive of moving forward on addressing EQC reviews, emphasized the importance of understanding the entity in managing quality and indicated their preference for accelerating the timing of group audits project. After providing various editorial comments, the IAASB unanimously approved the project proposal to revise ISQC 1, ISA 220 and ISA 600.

Review the IASB Update and podcast on the IASB's Web site.

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