Quality Control - IAASB

Date recorded:

At its meeting on September 18-22, 2017, the IAASB discussed the Quality Control Task Force’s (QCTF) recommendations on the possible revisions to ISQC 1 in relation to documentation of the system of quality management. The Board was supportive of the QCTF’s proposals and suggested various refinements. The Board also discussed the QCTF’s recommendations in relation to EQC reviews that would be incorporated in ISQC 1 and the proposed new standard, ISQC 2. The Board confirmed that the purpose of the EQC review is to evaluate the significant judgments made by the engagement team. In addition to various recommendations to further enhance and clarify the various requirements and application material, the Board encouraged the QCTF to improve the robustness of the requirement relating to the scope of the engagements subject to EQC review.

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