Quality Control - IAASB

Date recorded:

At its meeting on December 11-15, 2017, with respect to quality control at the engagement level, the IAASB supported the direction of the proposed changes to ISA 220. In particular, the Board supported the proposed changes that emphasize that the engagement partner is responsible and accountable for audit quality. The Board encouraged the ISA 220 Task Force to consider, as it progresses revisions to ISA 220, how the proposed changes will strengthen the performance of quality audits. With respect to quality control at the firm level, the IAASB discussed a first read of the proposed exposure draft of ISQC 1 (Revised) and was broadly supportive of the direction of the standard. The Task Force will continue to progress the proposed changes to the standard for a second read of an exposure draft in March 2018.

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