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Enhancing Audit Quality - IAASB

Date recorded:

At their meeting on March 13-17, 2017, the IAASB discussed the Quality Control Task Force’s recommendations on the criteria in respect of the eligibility of the engagement quality control reviewer (EQCR), which include appropriate authority, technical competence, capacity, practical experience and objectivity. The IAASB also discussed how the firm selects the EQCR. The IAASB agreed that further coordination is needed with the IESBA relating to aspects of the objectivity of the EQCR.

The IAASB also received an update on the activities of the Professional Skepticism Working Group (PSWG) and encouraged the continued ongoing support for coordination with the other task forces and working groups of current projects, as well as the continued coordination between the members of the PSWG. The PSWG plans to continue to develop a joint publication that summarizes responses to the ITC and other consultations of the standard-setting boards. The PSWG will also begin considering potential fundamental issues related to the concept of professional skepticism within the ISAs raised by respondents to the ITC.

Review the summary on the IAASB's Web site.

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