At its meeting on June 19-22, 2017, the IAASB discussed proposed changes to the requirements in ISA 220. Although some aspects of the changes were supported by the IAASB, such as strengthening the engagement partner’s leadership responsibilities for the engagement, and the consideration of all resources relevant to an engagement, the Board highlighted that many of the changes, as currently drafted, would likely be difficult to implement in practice. The Board also added that it would be difficult to demonstrate compliance with some of the new proposed requirements.

The Board encouraged the ISA 220 Task Force to focus its efforts on changes that would enhance audit quality through refocusing the engagement partner’s efforts, or involvement, on areas of high-risk in the audit (i.e., where the issues are complex and require more judgment) and to further consider the way that quality management could be built into some of the other elements of ISA 220 as appropriate.

Review the summary including the podcast on the IAASB's Web site.