At its meeting on December 5-9, 2016, the IAASB approved, subsequent to certain revisions, the project proposal to address the revision of ISQC 1, ISA 220 and ISA 600. The project proposal combines the topics of group audits and quality control due to the interaction and extent of crossover of the issues affecting these topics, while the timing of the projects takes into account the degree of interactions between the various projects of the IAASB. The project proposal specifically takes into consideration the proportionality and scalability of the standards, given the particular challenges of small- and medium sized practices (SMPs) and audits of small- and medium sized entities (SMEs). The IAASB also discussed the following specific components of the project, namely (i) Quality Control (Firm Level) re ISQC 1; (ii) Quality Control – Engagement Quality Control Review (EQCR); (iii)  Quality Control (Engagement Level); and (iv) Professional Skepticism.

Review the summary and the Highlight Summary on the IAASB's Web site.