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IAASB: Conforming Amendments to its Other Standards and Framework due to the Revised Quality Management Standards [ED]

The com­ment pe­riod ends on May 24, 2021

Next steps:

The final proposed amendments will be approved at the IAASB’s mid-quarter call on October 19–20, 2021

Last up­dated:

September 2021

Overview

On February 22, 2021, the International Auditing and Assurance Standards Board (IAASB) issued an Exposure Draft addressing changes in some of its standards and framework resulting from the new and revised quality management standards. Comments are requested by May 24, 2021.

The Exposure Draft aligns the IAASB’s standards related to review, assurance and related services, as well as its framework, with the quality management standards through conforming amendments. This will ensure that the IAASB's international standards continue to be applied as intended. The proposed changes will also modify IAASB standards to reflect aspects of the new quality management approach and emphasize the importance of firm-level quality management to consistent quality engagements.

For more in­for­ma­tion refer to the IAASB’s press release.

 

Other De­vel­op­ments

February 2021

On February 22, 2021, the International Auditing and Assurance Standards Board (IAASB) issued an Exposure Draft addressing changes in some of its standards and framework resulting from the new and revised quality management standards. Comments are requested by May 24, 2021.

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