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

Quality Management at the Engagement Level Proposed ISA 220 (Revised). Megan Zietsman, Task Force Chair IAASB Meeting, New York, USA Agenda Item 3 December 10, 2018. Introduction. Outreach and Feedback Received in Q4 . Disposition of IAASB comments from September 2018 IAASB Meeting

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

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  1. Quality Management at the Engagement LevelProposed ISA 220 (Revised) Megan Zietsman, Task Force Chair IAASB Meeting, New York, USA Agenda Item 3 December 10, 2018

  2. Introduction

  3. Outreach and Feedback Received in Q4 • Disposition of IAASB comments from September 2018 IAASB Meeting • Other input received from: • IOSCO Committee 1, Auditing Sub-Committee • IFIAR Standards Coordination Working Group • IESBA, through written comments • No significant matters • Forum of Firms • CEAOB • SMPC letter

  4. Walk Through of Proposed ISA 220 (Revised)

  5. Introduction, Objective, and Definitions • Proposed Changes from Written Comments • Para. A4 – Clarify how national requirements can be determined as at least as demanding as proposed ISQM 1 • Para. A8 – Consider additional example

  6. Leadership Responsibilities for Managing and Achieving Quality on Audits • Proposed Changes from Written Comments • Para. 11 – Make clear that the engagement partner’s (EP’s) responsibility is for the engagement environment • Para. 12 – Incorporate (c) into the lead in • Para. 13(b) – Clarify that the EP reviews selected documentation for the purpose of monitoring the work of assignees

  7. Relevant Ethical Requirements, Including Independence Requirements • Proposed Changes from Written Comments • Para. 16 – Consider reference to firm policies or procedures • Para. A38 – Delete in response to concern from IESBA

  8. Acceptance and Continuance of Client Relationships and Audit Engagements Proposed Changes from Written Comments None significant

  9. Engagement Resources Proposed Changes from Written Comments None significant

  10. Engagement Performance – Direction, Supervision, and Review Proposed Changes from Written Comments None significant

  11. Other Sections • Proposed Changes from Written Comments • Para. 32(a)(ii) – Incorporate difficult or contentious matters into (ii) • Para. 33(a) – Change from “determine” to “be satisfied” • Para. 36 – Consider ET responsibilities for network/network firm results • Para. A95 – Remove first bullet at IESBA request

  12. Taking Overall Responsibility, Documentation • Proposed Changes from Written Comments • Para. 37(a) – Change “issues” to “matters” • Para. 37(c) – Minor alignment with posted ISQM 2

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