Project Status Project completed Show The objectives of this project were to:
The existing ISA 220 establishes basic principles and essential procedures, and provides guidance relating to quality control for both an audit firm and an individual audit engagement. It was originally envisaged that the revised ISA 220 would be similarly structured with a similar scope. However, after careful consideration, the IAASB agreed to:
The background to this project was explained in the Explanatory Memorandum to the exposure draft. Significant issues that were addressed during the project included:
The exposure period for comments closed on August 31, 2003. In all, 39 comment letters were received. The proposed Quality Control Standards were approved at the February 2004 IAASB meeting. What is engagement performance in quality control?Engagement performance. To ensure engagements are always performed according to firm policies, procedures are vital to demonstrate: Risks have been identified and appropriately addressed. The engagements are performed professionally and competently. Staff working on engagements have the appropriate skills.
What procedures must the engagement quality reviewer perform?Engagement Quality Review Process
09 In an audit engagement, the engagement quality reviewer should evaluate the significant judgments made by the engagement team and the related conclusions reached in forming the overall conclusion on the engagement and in preparing the engagement report.
Who is responsible for the quality control for each engagement?CSAE 3001.37 The engagement partner shall take responsibility for the overall quality on the engagement.
Which is the 4 steps in accepting an audit engagement?Each audit engagement is unique, but most share the basic steps of preparation, planning, field testing, and audit procedures, as well as subsequently rendering the audit opinion.
|