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Quality Control at the Firm Level – IAASB

Date recorded:

At its meeting on June 18-23, 2018, the IAASB discussed the timing of the approval of the proposed exposure draft of ISQC 1 (Revised) and, given the extent of changes to this standard and the need to spend time deliberating some very important issues, agreed that the approval of the exposure draft should be deferred to December 2018. The Board also discussed the overall structure of the standard and emphasized the importance of governance and leadership and the need for this component to appear first in the standard. The Board provided various suggestions to improve the requirements addressing the firm’s risk assessment process and briefly discussed the introduction of the standard, monitoring and remediation and the proposed new appendix explaining the components. The Board supported the direction of the new appendix and recommended that it further elaborate on the relationship of all components, including resources and acceptance and continuance. The Board also encouraged less focus on the inspection of completed engagements in monitoring and remediation. The Task Force plans on presenting a full draft of proposed ISQC 1 (Revised) at the IAASB’s September 2018 meeting.

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

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