Quality Control at the Firm Level – IAASB

Date recorded:

At its meeting on September 17-21, 2018, the IAASB discussed a draft ED of proposed ISQC 1 (Revised) and was supportive of the direction that the Quality Control Task Force was taking the standard, noting the improvement in the readability and understandability overall. The Board encouraged the Quality Control Task Force to consider whether there are further opportunities to address scalability, including further refinement and simplification of the standard, where possible. The Board also discussed changing the title of the standard (to International Standard on Quality Management 1); how the public interest, professional judgment, and professional skepticism are addressed in the standard; the responsibilities of a firm that belongs to a network; and communication with external parties. The Quality Control Task Force plans on presenting the ED of the revised standard for approval by the Board at the December 2018 meeting.

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