Exposure Draft, International Standard on Auditing 220 (Revised), Quality Management for an Audit of Financial Statements

IAASB
| Exposure Drafts and Consultation Papers
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Comments due by:

Proposed ISA 220 (Revised) will improve the management of quality at the engagement level for audits of financial statements. It contains enhanced and revised requirements and guidance to:

  • Highlight the importance of the public interest role of audits, and improve the emphasis on the importance of the appropriate application of professional judgment and exercise of professional skepticism;
  • Clarify the role and responsibilities of the engagement partner, particularly the required involvement of the engagement partner throughout the audit, and retain the emphasis on the engagement partner’s responsibility for managing and achieving quality at the engagement level;
  • Modernize ISA 220 for an evolving environment, including changes in audit delivery models and the use of technology; and
  • Clarify the relationship between ISA 220 and the International Standards on Quality Control/Management, including additional clarification of the engagement partner’s and engagement team’s interaction with the firm, and the engagement team’s ability to depend on the firm’s quality management policies or procedures.

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
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Respondents are requested to use the above Response Template to submit their comments.
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