Quality Management and Group Audits: Highlighting Certain Aspects of Interaction Between ISA 220 (Revised) and ISA 600

This fact sheet focuses on the interactions between International Standard on Auditing (ISA) 220 (Revised) on quality management at the engagement level and ISA 600 on group audits. It highlights aspects of a group audit that may be affected by ISA 220 (Revised) and International Standard on Quality Management (ISQM) 1. This includes the revised definition of engagement team and leadership and direction, supervision, and review responsibilities.

Effective Dates

ISA 220 (Revised) is effective for audits of financial statements for periods beginning on or after December 15, 2022 and ISQM 1 is effective from December 15, 2022. ISA 600 (Revised) is effective for group audits beginning on or after December 15^th, 2023.