The IAASB’s Exposure Drafts for Quality Management at the Firm and Engagement Level, Including Engagement Quality Reviews
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
Submitted Comment Letters
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NEXIA INTERNATIONAL (148.04 KB)()
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Belgian Institute of Registered Auditors (IBR-IRE) (537.55 KB)(Belgium)
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Suomen Tilintarkastajat ry (269.97 KB)(Finland)
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Basel Committee on Banking Supervision (187.64 KB)()
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Baker Tilly International (121.57 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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CAS INTERNATIONAL (334.05 KB)(Malaysia)
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SRA (126.55 KB)(Netherlands)
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Auditor General of South Africa (185.88 KB)(South Africa)
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International Association of Insurance Supervisors (161 KB)()
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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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Government Accountability Office (301.18 KB)()
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PwC (609.37 KB)()
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MAZARS (957.76 KB)(France)
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NASBA (195.57 KB)(United States of America)
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ETY sas (752.73 KB)()
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Canadian Public Accountability Board (131.79 KB)()
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South African Institute of Chartered Accountants (SAICA) (679.38 KB)(South Africa)
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Compagnie Nationale des Commissaires aux Comptes (67.41 KB)(France)
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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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KPMG IFRG Limited (162.56 KB)()
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EXPERTsuisse (232.73 KB)()
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CEAOB (150.58 KB)()