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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Accountancy Europe (1.25 MB)()
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Royal NBA, the Netherlands Institute of Chartered Accountants (224.01 KB)(Netherlands)
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CPA Australia (133.3 KB)()
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Chartered Accountants Ireland (593.36 KB)(Ireland)
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NEXIA INTERNATIONAL (140.63 KB)()
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Belgian Institute of Registered Auditors (IBR-IRE) (537.55 KB)(Belgium)
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The Institute of Chartered Accountants of Pakistan (1.4 MB)(Pakistan)
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Nexia Smith & Williamson (108.27 KB)(United Kingdom)
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AICPA (856.44 KB)()
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Basel Committee on Banking Supervision (187.64 KB)()
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Baker Tilly International (147.34 KB)()
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Crowe Global (2.44 MB)()
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Accounting Professional & Ethical Standards Board (Australia) (989.37 KB)()
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Institute of Certified Public Accountants of Uganda (824.52 KB)(Uganda)
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CAS INTERNATIONAL (349.99 KB)(Malaysia)
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Center for Audit Quality (1.28 MB)()
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Auditor General of South Africa (279.81 KB)(South Africa)
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International Association of Insurance Supervisors (161 KB)()
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Nordic Federation of Public Accountants (846.82 KB)()
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IAASA (598.12 KB)(Ireland)
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Financial Reporting Council (578.66 KB)(United Kingdom)
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International Forum of Independent Audit Regulators (180.58 KB)()
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Institut der Wirtschaftspruefer in Deutschland e.V. (IDW) (510.36 KB)(Germany)
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Kreston International (114.12 KB)()
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MAZARS (957.76 KB)(France)
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SRO AAS (251.15 KB)(Russian Federation)
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NASBA (211.27 KB)(United States of America)
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Baker Tilly Virchow Krause, LLP (67.71 KB)(United States of America)
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Mazars USA LLP (276.52 KB)(United States of America)
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Office of the Auditor-General (New Zealand) (259.55 KB)(New Zealand)
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Office of the Auditor General of Canada (561.88 KB)(Canada)
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Canadian Public Accountability Board (131.79 KB)()
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South African Institute of Chartered Accountants (SAICA) (343.47 KB)(South Africa)
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International Corporate Governance Network (227.39 KB)()
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Compagnie Nationale des Commissaires aux Comptes (748.37 KB)(France)
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Swedish National Audit Office (205.1 KB)(Sweden)
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Ibracon - Instituto dos Auditores Independentes do Brasil (232.39 KB)(Brazil)
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International Organization of Securities Commissions (3.15 MB)()
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The Chinese Institute of Certified Public Accountants (403.23 KB)(China)
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EXPERTsuisse (232.73 KB)()
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New York State Society of Certified Public Accountants (345.06 KB)(United States of America)
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CEAOB (150.58 KB)()