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AASB Exposure Draft – Quality Management at the Firm and Engagement Level, Including Engagement Quality Reviews

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Apr 05, 2019

On April 5, 2019, the Auditing and Assurance Standards Board (AASB) issued an Exposure Draft proposing the adoption of ISQM 1, ISQM 2 and ISA 220 (Revised), with appropriate Canadian amendments, if any. Stakeholders are invited to comment until June 7, 2019.

The AASB proposes, subject to comments received following exposure, to adopt with appropriate amendments:

  • proposed International Standard on Quality Management (ISQM) (formerly International Standard on Quality Control (ISQC)) 1, Quality Management for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements;
  • proposed new ISQM 2, Engagement Quality Reviews;
  • proposed International Standard on Auditing (ISA) 220, Quality Management for an Audit of Financial Statements;

and related conforming and consequential amendments.

Review the Exposure Draft on the AASB’s web­site.

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