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Quality Control: Firm Level - IAASB

Date recorded:

At its meeting on June 19-22, 2017, the IAASB discussed the Quality Control Task Force’s (QCTF) recommendations on the possible revisions to ISQC 1 that included a discussion of a working draft of ISQC 1 (Revised) and how the proposals are expected to change firm behaviors. The Board was supportive of the overall direction proposed by the QCTF and emphasized the importance of outreach with a variety of stakeholders to seek input on the practicality of the proposals. The Board also encouraged the QCTF to develop guidance and examples to accompany the revised standard in order to explain the implementation and application of the standard. The Board also discussed the appropriate location of the requirements and application material in relation to engagement quality control (EQC) reviews and agreed that a separate standard addressing EQC reviews should be developed.

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

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