Ethical requirements (including independence).Leadership responsibilities for quality within the firm.Address separately (a) the responsibilities of the firm for its system of quality control, and (b) the specific responsibilities of firm personnel regarding quality control procedures for audits of historical financial information, including audits of financial statements.Įlements of a firm's system of quality control addressed in ISQC 1 comprise:.Broaden the scope of quality control responsibilities for the firm not only in respect of audit engagements, but also with regards to review and other assurance and related services engagements and.However, after careful consideration, the IAASB agreed to: It was originally envisaged that the revised ISA 220 would be similarly structured with a similar scope. 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. ISA 220, Quality Control for Audit Workwill be withdrawn when ISA 220 (Revised) becomes effective. International Standard on Auditing (ISA) 220 (Revised), Quality Control for Audits of Historical Financial Information, which is effective for audits of historical financial information for periods commencing on or after June 15, 2005.Firms consider the appropriate transitional arrangements for engagements in process at that date. International Standard on Quality Control (ISQC) 1, Quality Control for Firms that Perform Audits and Reviews of Historical Financial Information, and Other Assurance and Related Services Engagements, which requires firms to establish systems of quality control in compliance with the ISQC by June 15, 2005.This project resulted in the issue of the following two Standards: Revise the existing ISA 220, Quality Control for Audit Work, relating to the responsibilities of firm personnel with regard to the quality control policies and procedures applicable to audit engagements.Establish basic principles and essential procedures and to provide guidance regarding a firm's responsibilities for its system of quality control for audits and reviews of historical financial information, and other assurance and related services engagements and.
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