Quality Management at the Engagement Level – IAASB

Date recorded:

At its meeting on September 16-20, 2019, the IAASB discussed the comment letters received on the Exposure Draft of ISA 220 (Revised) and the ISA 220 Task Force’s proposals for addressing the key issues respondents raised. The Board supported the fundamental principle that the engagement partner has overall responsibility for managing and achieving quality and being sufficiently and appropriately involved in the engagement. The Board also supported clarifying the requirement addressing circumstances when the engagement partner assigns procedures or tasks to other engagement team members, the principles underpinning the proposed engagement team definition and proposals to address scalability of the requirements to audits of larger or more complex entities.

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

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