1 / 16

Quality Management at the Engagement Level Proposed Draft ISA 220 (Revised)

Quality Management at the Engagement Level Proposed Draft ISA 220 (Revised). Megan Zietsman, Task Force Chair IAASB Meeting, New York, USA Agenda Item 6 June 20, 2018. Proposed Revisions to ISA 220 – Addressing Key Matters of Public Interest.

audreyo
Télécharger la présentation

Quality Management at the Engagement Level Proposed Draft ISA 220 (Revised)

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript


  1. Quality Management at the Engagement LevelProposed Draft ISA 220 (Revised) Megan Zietsman, Task Force Chair IAASB Meeting, New York, USA Agenda Item 6 June 20, 2018

  2. Proposed Revisions to ISA 220 – Addressing Key Matters of Public Interest Addressing and encouraging appropriate exercise of professional skepticism Clarifying the engagement partner’s (EP’s) role and responsibilities Reliance on firm or network firm quality management processes and procedures Addressing audit delivery models Other matters: • Required understanding for accepting or continuing an engagement (e.g., access issues); • Interaction of firm quality management with managing quality at the engagement level; and • Ongoing two-way communication.

  3. Proposed Revisions to ISA 220 – EP’s Responsibility for Quality Sufficient and appropriate involvement throughout the engagement

  4. Proposed Revisions to ISA 220 – Scalability Revisions to requirements proposed that emphasize a “tailored approach” to quality management at the engagement level that is responsive to the nature and circumstances of the audit engagement (Engagement Resources, Direction, Supervision and Review, and Taking Overall Responsibility for Achieving Quality) Application material proposed that recognizes considerations specific to smaller practitioners in relation to: • How the firm’s responses to quality risks, including policies or procedures, may be less formal in a smaller firm, and consequently, the risks this may pose; and • Some sections of the ISA may not be relevant if the audit is carried out entirely by the EP

  5. Proposed ISA 220 (Revised)—Introduction and Objective

  6. Proposed ISA 220 (Revised)—Definitions

  7. Proposed ISA 220 (Revised)—Leadership Responsibilities for Achieving Quality on Audits

  8. Proposed ISA 220 (Revised)—Relevant Ethical Requirements, Including Independence

  9. Proposed ISA 220 (Revised)—Acceptance and Continuance of Client Relationships and Audit Engagements

  10. Proposed ISA 220 (Revised)—Engagement Resources

  11. Proposed ISA 220 (Revised)—Engagement Performance – Direction, Supervision, and Review

  12. Proposed ISA 220 (Revised)—Taking Overall Responsibility for Achieving Quality

  13. Proposed ISA 220 (Revised)—Other Sections

  14. Proposed ISA 220 (Revised)—Documentation

  15. Proposed ISA 220 (Revised)—Other Matters Discussed by the Task Force • Circumstances When an Individual Other Than the EP Signs the Auditor’s Report, Instead of, or in Addition to the EP

More Related