Exposure Draft, International Standard on Quality Management 2, Engagement Quality Reviews
To ensure that engagement quality reviews continue to be robust and effectively support high-quality audits and other engagements, the IAASB has proposed various enhancements to engagement quality reviews. This includes a new proposed standard on engagement quality reviews that includes enhancements regarding:
- The eligibility criteria to perform the engagement quality review; and
- The engagement quality reviewer’s performance and documentation.
The requirements addressing the selection of engagements for review have also been strengthened and are included in Exposure Draft, ISQM 1, Quality Management for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements.
This memorandum should be read in conjunction with the overall explanatory memorandum, The IAASB’s Exposure Drafts for Quality Management at the Firm and Engagement Level, Including Engagement Quality Reviews.
Respondents are asked to respond separately to each of the exposure drafts and the overall explanatory memorandum. We request that comment letters do not include tables as they are incompatible with the software we use to help analyze respondents’ comments.
Exposure Drafts
- Overall Explanatory Memorandum, The IAASB’s Exposure Drafts for Quality Management at the Firm and Engagement Level, Including Engagement Quality Reviews
- Proposed International Standard on Quality Management 1, Quality Management for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements (previously ISQC 1)
- Proposed International Standard on Auditing 220 (Revised), Quality Management for an Audit of Financial Statements
- Want to learn more? Visit our Quality Management homepage
Submitted Comment Letters
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Australasian Council of Auditors-General (255.76 KB)(Australia)
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California Society of CPAs (850.84 KB)(United States of America)
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Hong Kong Institute of Certified Public Accountants (163.71 KB)(Hong Kong, Special Administrative Region of China)
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KICPA (114.44 KB)(Korea)
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Vera Massarygina (89.29 KB)(Russian Federation)
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ICAS (145.95 KB)(United Kingdom)
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Office of the Auditor General of Alberta (117.46 KB)(Canada)
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Comision Interamericana de Control de Calidad de la AIC (161.83 KB)(Dominican Republic)
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Comite Control de Calidad del ICPARD (50.19 KB)(Dominican Republic)
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Ernst & Young Global Limited (8.23 MB)()
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Canadian Auditing and Assurance Standards Board (295.78 KB)()
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New Zealand Auditing and Assurance Standards Board (243.71 KB)()
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Malaysian Institute of Accountants (774.54 KB)(Malaysia)
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Wirtschaftsprüferkammer (87.32 KB)(Germany)
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National Audit Office of Malta (148 KB)()
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The Japanese Institute of Certified Public Accountants (154.98 KB)(Japan)
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The Malaysian Institute of Certified Public Accountants (108.67 KB)(Malaysia)
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BDO (189.6 KB)(United Kingdom)
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Haysmacintyre LLP (167.49 KB)(United Kingdom)
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Moore Stephens International (265.84 KB)()
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PKF South Africa (189.71 KB)(South Africa)
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RSM (209.29 KB)()
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Chartered Accountants Australia and New Zealand (CA ANZ) and the Association of Chartered Certified Accountants (ACCA) (333.39 KB)()
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FAR (147.45 KB)(Sweden)
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Grant Thornton International Limited (403.09 KB)()
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Kammer der Steuerberater und Wirtschaftsprüfer (KSW) (2.14 MB)(Austria)
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Instituto de Censores Jurados de Cuentas de España (153.8 KB)(Spain)
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ICAEW (484.38 KB)()
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Illinois CPA Society (233 KB)(United States of America)
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Institut des Experts-comptables et des Conseils Fiscaux – Instituut Van de Accountants en de Belastingconsulenten (106.87 KB)(Belgium)
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Government Accountability Office (160.34 KB)()
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Instituto Mexicano de Contadores Públicos, A.C. (179.69 KB)(Mexico)
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PwC (493.12 KB)()
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KPMG IFRG Limited (157.88 KB)()
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Training and Advisory Services & Chartered Accountants Academy (343.16 KB)(Zimbabwe)
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PKF International Limited (285.76 KB)()
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Deloitte Touche Tohmatsu Limited (318.77 KB)()
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Botswana Institute of Chartered Accountants (340.59 KB)(Botswana)
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ETY sas (679.06 KB)()
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Conselho Federal de Contabilidade - Federal Accounting Council – CFC (278.1 KB)(Brazil)
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Australian Auditing and Assurance Standards Board (AUASB) (112.01 KB)(Australia)
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Independent Regulatory Board for Auditors (348.34 KB)()
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ISCA (615.63 KB)(Singapore)
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FEDERACIÓN ARGENTINA DE CONSEJOS PROFESIONALES DE CIENCIAS ECONÓMICAS (192.48 KB)(Argentina)
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Duncan & Toplis Limited (264.06 KB)(United Kingdom)
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Provincial Auditor Saskatchewan (77.89 KB)(Canada)
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MNP LLP (176.55 KB)()
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IFAC SMP Committee (105.92 KB)()
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FSR - Danish Auditors (146.77 KB)(Denmark)
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INTOSAI Professional Standards Committee (526.86 KB)()