The IAASB’s Exposure Drafts for Quality Management at the Firm and Engagement Level, Including Engagement Quality Reviews
Overall Explanatory Memorandum
IAASB
| Exposure Drafts and Consultation Papers
English
All available Translation:
Comments due by:
The IAASB is seeking public comment on three interrelated standards that address quality management. The proposals change the way professional accountancy firms are expected to manage quality—for audits, reviews, and other assurance and related services engagements.
This memorandum explains the significant issues common to the three exposure drafts. It also gives details about the proposed effective dates and implementation periods. This memorandum should be read in conjunction with the explanatory memorandums for each of the three proposed standards.
Respondents are asked to respond separately to this overall explanatory memorandum and each of the exposure drafts. 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
- 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 Quality Management 2, Engagement Quality Reviews
- Proposed International Standard on Auditing 220 (Revised), Quality Management for an Audit of Financial Statements
- Want to learn more? Visit our Quality Management homepage
Copyright © 2024 The International Federation of Accountants (IFAC). All rights reserved.
Submitted Comment Letters
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Duncan & Toplis Limited (264.06 KB)(United Kingdom)
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Provincial Auditor Saskatchewan (82.07 KB)(Canada)
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MNP LLP (166.46 KB)()
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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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CPA Australia (129.42 KB)()
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Chartered Accountants Ireland (593.36 KB)(Ireland)
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KICPA (115.57 KB)(Korea)
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ICAS (97.76 KB)(United Kingdom)
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Nexia Smith & Williamson (108.88 KB)(United Kingdom)
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AICPA (856.44 KB)()
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Office of the Auditor General of Alberta (94.05 KB)(Canada)
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Ernst & Young Global Limited (10.18 MB)()
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Canadian Auditing and Assurance Standards Board (237.79 KB)()
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New Zealand Auditing and Assurance Standards Board (240.37 KB)()
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Malaysian Institute of Accountants (534.52 KB)(Malaysia)
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Wirtschaftsprüferkammer (76.18 KB)(Germany)
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National Audit Office of Malta (148 KB)()
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Institute of Certified Public Accountants of Uganda (824.52 KB)(Uganda)
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The Japanese Institute of Certified Public Accountants (83.64 KB)(Japan)
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The Malaysian Institute of Certified Public Accountants (95.05 KB)(Malaysia)
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BDO (179.4 KB)(United Kingdom)
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Consiglio Nazionale dei Dottori Commercialisti e degli Esperti Contabili (CNDCEC) (3.49 MB)(Italy)
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Haysmacintyre LLP (156.17 KB)(United Kingdom)
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Center for Audit Quality (1.28 MB)()
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Moore Stephens International (265.84 KB)()
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RSM International Limited (161.94 KB)()
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Nordic Federation of Public Accountants (819.76 KB)()
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FAR (106.12 KB)(Sweden)
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Grant Thornton International Limited (444.3 KB)()
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Kammer der Steuerberater und Wirtschaftsprüfer (KSW) (936.97 KB)(Austria)
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IAASA (598.12 KB)(Ireland)
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ICAEW (484.38 KB)()
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Illinois CPA Society (223.43 KB)(United States of America)
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Kreston International (112.68 KB)()
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Institut des Experts-comptables et des Conseils Fiscaux – Instituut Van de Accountants en de Belastingconsulenten (211.48 KB)(Belgium)
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Instituto Mexicano de Contadores Públicos, A.C. (168.76 KB)(Mexico)
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PKF International Limited (236.85 KB)()
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Deloitte Touche Tohmatsu Limited (318.77 KB)()
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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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Australian Auditing and Assurance Standards Board (AUASB) (97.43 KB)(Australia)
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Independent Regulatory Board for Auditors (342.42 KB)()
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Office of the Auditor-General (New Zealand) (259.55 KB)(New Zealand)
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IFAC SMP Committee (90.71 KB)()
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California Society of CPAs (850.84 KB)(United States of America)
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International Corporate Governance Network (227.39 KB)()
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FSR - Danish Auditors (185.02 KB)(Denmark)
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European Federation of Accountants and Auditors for SMEs (347.94 KB)()
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Accountancy Europe (589.01 KB)()
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Royal NBA, the Netherlands Institute of Chartered Accountants (1.32 MB)(Netherlands)